16 Mar Auction Markets Strong Despite Coronavirus
- Markets are relatively resilient
- Clearance rates edge slightly lower
- Downside risk of reduced activity ahead
There were 2,220 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 70.6%.
Although clearance rates have edged lower, the final clearance rate across the major auction centres is likely to remain around the high 60% to low 70% range, implying this is still a seller’s market.
With uncertainty rising and confidence slipping as the Coronavirus outbreak becomes more widespread, there is some downside risk that housing activity will reduce which could weigh on auction markets over the coming weeks.
However, based on the early auction results this week, the housing market has proven to be relatively resilient so far.
Get a full rundown of results in all the capitals. Also a look inside the top sales in Sydney, Melbourne, Adelaide, Brisbane, Canberra, and Perth. Kevin Brogan joins Kevin Turner to present the latest results from Core Logic.