Auction volumes and clearance rates dip as uncertainty amid COVID cases rise
This week, 2,177 capital city homes went to auction, down on the 2,960 auctions held over the week prior. The lower volumes come about as the nation battles with multiple state lockdowns as uncertainty around COVID cases worsen. The lower week-on-week volumes saw the preliminary auction clearance rate dip, with 73.6% of results reported as sold. Last week’s preliminary clearance rate came in at 77.5%, later revising down to 75.4% at the final collection on Wednesday.
Capital City Auction Statistics (Preliminary)
Melbourne is currently seeing a relatively low number of COVID cases and out of lockdown. As a result, the auction market is returning to ‘business as usual this week across the city. There were 1,067 auctions held over the week with preliminary results showing a clearance rate of 75.9%. This was higher than the 74.7% final clearance rate recorded last week across a higher 1,418 auctions.
Weekly Clearance Rate, Combined Capital Cities
In Sydney, 863 auctions were originally scheduled for this week, however, today’s preliminary figures show that 11% have been rescheduled to a later date. Of the 672 results collected across the city so far, a preliminary auction clearance rate of 71.6% has been recorded and a withdrawal rate of 23%. Of the 481 sold results 61.1% reportedly sold prior to the scheduled auction date. Last week, the city saw 1,084 auctions take place with a final auction clearance rate of 77.5%.
Brisbane was set to be the busiest of the smaller auction markets this last week with 153 auctions scheduled to take place, however as the city entered into a 4-day lockdown ending Saturday night, 13% of the original count rescheduled to a later date. Of the properties that were to go ahead, 16% ended up withdrawn. The city returned a preliminary clearance rate of 64.4%.
Canberra returned the highest preliminary clearance rate of all our auction markets with 86.8% of homes sold at auction this week.
Sub-region auction statistics