CoreLogic’s preliminary auction results reveal a red hot market with the nation’s clearance rate hitting a new high of 86.1%, up from last week’s clearance rate of 83.8%:
Sydney and Melbourne drove the result, both recording clearance rates above 87%:
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The strong clearance rate for Melbourne was curious given the city was forced into a stage 4 lockdown from midnight Friday. CoreLogic explains the result as follows:
Preliminary results show that 47.6 per cent of the successful auctions in Melbourne were sold prior, while so far, just 8 per cent have been reported as withdrawn which we expect will increase over the coming days as the remaining results are collected now that the city is back in a stage 4 lockdown which was only announced on Friday 12th February…
While the preliminary clearance rate came in strong, it’s important to note that as remaining auctions are collected, we will likely collect more withdrawn results, particularly in Melbourne where another lockdown is currently in place, which would lower the final clearance rate.
Domain’s preliminary clearance rates were similar for Sydney (88%) but lower for Melbourne (75%), with the dip in Melbourne likely reflecting the snap lockdown.
So, it’s still a very strong market, Melbourne’s lockdown notwithstanding.
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