CoreLogic released its final auction report for last weekend, with the final clearance rate falling to 73.5% from 77.0% the prior weekend. It was the lowest final auction clearance rate recorded in 2021.
As usual, Sydney led the market recording a final clearance rate of 76.0% (down from 76.9%), whereas Melbourne’s final clearance rate fell to 71.7% (down from 74.9%).
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Elsewhere, final auction clearances were mixed; albeit off thin volumes given auctions aren’t as common in these markets.
While auction clearance rates remain strong overall, they have retraced fairly sharply from the March’s peak:
Other things equal, this points to an easing of price growth from recent turbo-charged levels; although price growth should still remain strong.
Despite Melbourne’s hard lockdown, there are 3,101 capital city homes set to go under the hammer this week. That would mark one of the busiest auction weekends in 2021:
That said, CoreLogic believes many auctions will be withdrawn given the extension of Melbourne’s lockdown:
Due to the COVID outbreak in Melbourne and the recent announcement to extend the lockdown by an additional 7 days, we will likely see a large number of properties withdrawn or rescheduled to a later date as we saw last week.
Last week, 1,451 homes were originally scheduled for auction across Melbourne, with the lockdown announcement we saw a large number rescheduled, withdrawn or brought forward. By final collection this week, 1,246 homes were reportedly taken to auction. This week, 1,452 auctions are currently scheduled across the city.
Clearly, vendors want to cash in on the price boom, but Melbourne’s lockdown could delay their plans.