CoreLogic’s preliminary report on the weekend’s auctions reported a lower clearance rate courtesy of Melbourne’s second weekend of hard lockdown.
The national preliminary clearance rate fell to 73.5% from 75.7% the prior weekend. This was off 2,691 auctions, down from the prior weekend’s 2,930.
Sydney continued its strong run recording a preliminary clearance rate of 79.6% off 1,171 auctions, down from the prior weekend’s 81.0% preliminary clearance rate off 1,177 auctions.
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Melbourne’s preliminary clearance rate fell again to 67.3% off 1,098 auctions, down from the prior weekend’s 72.8% off 1,264 auctions.
Auction results across the smaller capitals were mixed. However, auction volumes were thin across these markets reflecting that private sales dominate.
According to CoreLogic:
While Melbourne remains in lockdown, 1,098 auctions were held across the city, revising down from the 1,452 originally scheduled…
The extended lockdown has impacted the clearance rate this week with preliminary figures showing 67.3 per cent of the auctions collected so far were successful, down from the previous week, when a preliminary clearance rate of 72.8 per cent was recorded, revising down to 71.7 per cent at final figures. Of the 935 auctions collected so far this week, 29.5 per cent were withdrawn, and of the 629 sold results, 59.0 per cent sold prior to auction.
As shown in the next chart, the national auction clearance rate has softened significantly from March’s peak; albeit remains at high levels historically:
Domain’s auction results were softer off a smaller sample size, recording preliminary clearance rates of 77% (Sydney) and 63% (Melbourne):
Overall, there isn’t a lot to glean from this weekend’s release given it was adversely impacted by Melbourne’s temporary hard lockdown. Sydney’s results remained strong whereas Melbourne’s can be largely disregarded.