CoreLogic released its final auction report for last weekend, with the final clearance rate falling to 70.6% from 73.5% 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 75.6% (down slightly from 76.0%), whereas Melbourne’s final clearance rate again fell sharply to 64.0% from 71.7%.
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Elsewhere, final auction clearances were mixed; albeit off thin volumes given auctions aren’t as common in these markets.
Auction clearance rates have fallen sharply from the March’s peak:
According to CoreLogic, Melbourne’s lockdown weighed heavily on the result:
There were 1,081 Melbourne homes scheduled for auction last week, revising down from the initial 1,452 auctions scheduled as the city remained in lockdown. Of the 1,079 results collected across the city, 64% recorded a sold result, this was the lowest final clearance rate of the year for the city as many properties withdrew from the market, resulting in a withdrawal rate of 31%. Of the 691 properties that did sell, 56.4% sold prior to the scheduled auction date.
There are fewer auctions scheduled across the combined capital cities this week. This is likely due to most of the states and territories welcoming a long weekend with the Queen’s Birthday public holiday.
1,636 capital city homes are set to go under the hammer over the week, down 39% on last week’s 2,668 auctions held, although higher than the 1,181 auctions held across the capital cities one year ago:
Overall, there isn’t a lot to glean from this release given it was adversely impacted by Melbourne’s temporary hard lockdown. Sydney’s results remained strong (albeit down from peak) whereas Melbourne’s can largely be disregarded.