- Withdrawn properties weight down results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 According to initial results collected, 50% of all results were recorded as being withdrawn.
Despite the increase in volumes over the week, the existing challenges around new policies banning onsite auctions and inspections are still impeding on activity across the auction market. As confidence remains low and circumstances uncertain, it’s expected that fewer vendors will elect auction as their preferred method of sale and either convert to private treaty method or hold off on selling all together and scheduled volumes will likely decrease over the coming weeks.
Get a full rundown of results in all the capitals. Also a look inside the top sales in Sydney, Melbourne, Adelaide, Brisbane and Perth. Kevin Brogan joins Kevin Turner to present the latest results from Core Logic.