The auction market has begun to feel the ill effects of lockdowns, with the final national clearance rate falling to 73.0% from 73.7% last weekend, but volumes declining sharply to 1,728 from 2,097.
As shown in the next table, lockdowns have hit Sydney especially hard, with the city’s final clearance rate falling to 72.8% from 76.6% the prior weekend. This was off only 585 auctions (versus 769 auctions the prior weekend).
Melbourne was also impacted by lockdown, recording a final clearance rate of 70.8%, down from the 71.5% recorded the previous weekend, off only 772 auctions (versus 967 the weekend prior).
Auction clearances were solid to strong across the smaller markets.
The national auction clearance rate has retraced sharply from March’s peak, but remains at a high level from a historical perspective:
Based on historical correlations, this points to slowing price growth over coming months:
This weekend there are 2,077 scheduled to take place across the capital cities:
These are solid volumes given the circumstances.