The number of homes scheduled for auction this week took a dive, with only 314 properties scheduled for auction across the combined capital cities.
According to CoreLogic, the lower volumes are partly due to coronavirus reducing the number of vendors serious about taking their property to auction in more challenging conditions, and also because Anzac Day falls on Saturday – usually the auction market’s busiest day.
There are only 89 Melbourne homes scheduled for auction this week, down significantly on the 1,016 last week; and in Sydney, 152 homes are set to go to auction, making it the busiest capital city for auctions this week despite being down on the 735 scheduled last week.
The remaining smaller auction markets all have a lower number of scheduled volumes over the week.
CoreLogic said it’s important to note such low volumes become a much less relevant timely indicator of trends in the market, however they will continue to monitor volumes in the coming weeks.
Summary of last week’s results|
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 per cent; surpassing the previous week as the lowest on record for CoreLogic.
Of the 440 properties reported as being sold across the capital cities, 60.9 per ccent sold prior to the scheduled auction date and of the 1,444 results collected more than half were withdrawn (56 per cent).
There were 1,016 Melbourne homes scheduled for auction last week, returning a final auction clearance rate of 27.9 per cent and a withdrawal rate of 61 per cent. Of the 185 homes that did sell across Melbourne, 66.5 per cent sold prior to the auction date.
Sydney had 735 scheduled auctions last week, returning a final auction clearance rate of 33.8 per cent and a rate of withdrawal of 52 per cent. Of the 210 sold results collected, 58.6 per cent sold prior to auction.
Across the smaller cities, Canberra returned the highest final clearance rate out of all the capital city markets of 53.7 per cent and the lowest withdrawal rate of 34 per cent.
