Sydney’s auction market solidifies, Melbourne’s dies

CoreLogic has released its final auction clearance results for last weekend, which reported a final auction clearance rate of 63.0%, up on last week’s 60.5%:

Sydney’s final clearance rate firmed to 65.9% (from 62.3% last week), whereas Melbourne’s bombed to 25.0% (down from 32.1% last week).

As noted by CoreLogic:

The final clearance rate came in at 63.0 per cent across the combined capital cities last week, the highest final clearance rate recorded since the week ending 15th March 2020 (65.3 per cent). In comparison, the previous week recorded a final clearance rate of 60.5 per cent, while this time last year, 72.8 per cent of reported results were successful.

In Melbourne, the final auction clearance rate was recorded at 25.0 per cent last week, down from 32.1 per cent over the previous week. Auction activity remains extremely low with just 13 homes scheduled for auction across the city, down from 28 over the previous week. Results were collected for 12 of the 13 Melbourne auctions last week, with three quarters reported as withdrawn, skewing the clearance rate lower. Of the successful results, all 3 were sold prior to auction. Over the same week last year, 826 homes were taken to auction across the city.

Sydney saw 600 homes taken to auction last week, similar to the 608 over the previous week, although slightly higher than this time last year (585). All but 2 results were collected last week, returning a final clearance rate of 65.9 per cent, up from 62.3 per cent over the previous week, although lower than this time last year (76.0 per cent).

SQM’s final auction results were significantly weaker, at 51.8% (Sydney) and 10.5% (Melbourne):

Conditions in Sydney are solid:

Whereas Melbourne’s auction market has collapsed:

As expected given the hard lockdown in Melbourne versus the relative freedom of Sydney.

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