The Easter long weekend delivered subdued auction results, with just 636 homes slated for auction across the combined capitals, returning a preliminary clearance rate of 29.3 per cent.
CoreLogic noted the clearance rate was again dragged down by withdrawn properties, with 57 per cent of listings pulled “as the auction market continues to face challenges around social distancing measures banning on-site auctions”.
On a brighter note, their data indicates 63 per cent of the properties sold this weekend did so prior to the scheduled auction, while Easter is also traditionally quiet and the withdrawal rate will also likely ease in the coming weeks.
“The low volumes over the week are not unusual,” CoreLogic reflected.
“As we have historically seen, Easter weekend is one of the quietest weeks of the year, however the clearance rate is the lowest preliminary result recorded since CoreLogic commenced auction reporting in 2008.
“It’s likely as more results are collected that the final clearance rate will come in even lower and withdrawal rates higher.
“Looking forward, we are expecting the withdrawal rate to ease as fewer auctions are scheduled, with vendors preferring private treaty methods of sales, or preferring to defer their listing until some certainty returns to the market and economy. “
