Seller discounting increases Listing numbers fall by 30% Auction numbers fall further Last week Last week, a total of 1,922 homes were scheduled to go to auction across the combined capital cities, returning a final auction clearance rate of 30.2%; once again surpassing the previous week as the lowest on record for CoreLogic.   Of the 440 properties reported as being sold across the capital cities, … Continue reading Market continues to slow

Withdrawn properties weight down results Auction bans spook the market Low consumer confidence shows through This week, 1,848 capital city homes were scheduled for auction; a substantial rise on the number of homes scheduled for auction last week, returning a preliminary clearance rate of 39.1%. Of the 356 properties that did report a sold result, 64% sold prior to the auction date.  According to initial … Continue reading Sellers Continue to Withdraw

Sellers continue to withdraw Vendor discounting spreads nationwide Hobart ‘time to sell’ lowest nationwide  Last week Preliminary auction clearance rate drops below 30% over the Easter long weekend as withdrawn auctions rise to comprise 57% of all reported results This week and weekend This week despite ongoing restrictions around on-site auctions and inspections amid COVID-19, the number of homes scheduled to go to auction is … Continue reading Clearance Rates Fall as Expected

More properties sell prior than at auction Melbourne clears 17% of auctions 40% of Sydney auctions are withdrawn  As Covid-19 continues to play havoc with the property market, nervous sellers withdraw properties ahead of auction while buyers swoop to secure a sale prior to auction. Of those properties taken to auction on-line, some recorded strong bidding and some achieved a “premium price” (see Note 1 … Continue reading Buyers secure sales prior to auction

Nearly half of all auctions withdrawn again Prior sales numbers surge Sellers likely to abandon auction Challenges around new policies banning onsite auctions continued to see the auction market take a hit this week, over what is usually one of the busiest weeks of the year historically.  This pre-Easter weekend didn’t quite meet the usual expectations, with 45% of auctions withdrawn from sale and 84% … Continue reading Online Auctions Fail to Still Sellers Nerves

Withdrawal number will climb Agents embrace digital alternatives Market braces for ‘a rough patch’ Last week Last week was expected to be the busiest week for auctions this year, however the disruptions of new policies preventing on-site options saw auction market activity plummet.  Over 50% of properties reported being withdrawn last week and this trend is likely to continue. Agents are turning to Digital alternatives … Continue reading Half of All Properties Withdrawn

Agents respond and show resilience Virtual auctions come to life Prior auction sales surge This week was set to be the busiest week of the year with 3,203 homes scheduled for auction across the combined capital cities.  With the disruption of new policies preventing on-site auctions, the auction withdrawal rate surged over the weekend, with 40 per cent of auctions pulled from the market, up … Continue reading Sellers Pull 40% of Auctions

Restrictions impact activities Agents explore new ways We hold our breath Last week Last week, auction volumes across the combined capital cities reached their second highest level this year with 2,599 homes taken to market. The higher volumes combined with uncertainty around COVID-19 saw the final auction clearance rate fall to the lowest level since June last year returning a 56.9% success rate. This week … Continue reading And So It Begins

Sellers withdraw from the market Clearance rate likely lowest in 2 years Turning point in buyer and seller confidence This week’s preliminary auction results mark a turning point in buyer and seller sentiment, with withdrawal rates rising as vendors think twice about testing the market and buyers losing confidence or choosing to avoid public gatherings. Prior to this weekend, the year to date withdrawal rate … Continue reading Clearance Rates Take A Hit as Virus Bites

Sellers in Melbourne move auction dates forward Auctions going ‘online’ This weekend will test the market This week and weekend Agents around the country are reporting that sellers, in some cities, are moving auction dates forward ahead of an anticipated slowdown in the market. This week there are 2,422 capital city homes set to be auctioned, up from the 2,274 options last week. Both Melbourne … Continue reading Sellers Rush to Market — Kevin Brogan