PRELIMINARY AUCTION CLEARANCE RATE IMPROVES AS VOLUMES REMAIN RELATIVELY STEADY OVER THE WEEK

The combined capital city preliminary auction clearance rate improved as volumes remained relatively steady week-on-week. There were 2,121 capital city homes taken to auction over the week, returning a preliminary auction clearance rate of 76.4%. This was higher than last week’s preliminary figure of 73.6% across 2,168 auctions, later revising down to 72.1% by final collection on Wednesday.

In Melbourne, 1,077 homes were auctioned this week, returning a preliminary auction clearance rate of 75.3%. Last week, 1,073 auctions were held across the city with a final auction clearance rate of 73.1%. One year ago, 506 Melbourne homes were auctioned with a success rate of 51.2%.

Sydney saw 661 properties taken to auction, down 17% from the initial predicted count as the city remains in lockdown seeing many auctions rescheduled to a later date. Of the 567 results collected so far, 76.5% reportedly sold and 19% have been withdrawn. Of the 434 sold results, 70.7% sold prior to the scheduled auction date. Last week, 756 Sydney homes were auctioned with a final clearance rate of 70.5%.  Both the withdrawal rate and proportion of auctions ‘sold prior’ were well above average across Sydney as vendors pivot their selling strategies amidst the extended lockdown.


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