Preliminary auction clearance rate at 48 per cent
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Apr 6, 2020
Preliminary auction clearance rate at 48 per cent
The pre-Easter weekend saw a much lower expectation of properties sold at auction.
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Jellis Craig7 Pioneer Drive, Templestowe in Victoria sold at auction for $4,938,000 through agents Andrew Keleher and Nicole Qiu of Jellis Craig Doncaster.
Challenges around new policies banning onsite auctions continued to see the auction market take a hit this week, over what is usually one of the busiest weeks of the year historically.
This pre-Easter weekend didn’t quite meet the usual expectations, with a much lower clearance rate than in previous years.
The last two weeks had more than 6,000 properties scheduled for auction, with anticipation high as confidence was returning to the market and home values were rising.
At a glance:
- Preliminary clearance rate is 48.03 per cent
- 3,092 capital city homes scheduled
- 809 properties were withdrawn
Source: CoreLogic
However a rapid change of conditions and plunging confidence related to the impact of COVID-19 has changed the auction landscape with less than half of these homes selling.
There were 3,092 capital city homes scheduled for auction this week, returning a preliminary auction clearance rate of 48 per cent.
This comes off the back of last week’s final figure of 37.3 per cent; the lowest final clearance rate recorded since CoreLogic commenced auction reporting in 2008.
Source: CoreLogic
Unsurprisingly the rate of withdrawn auctions remained high this week, with 45 per cent of the auctions set to take place returning a withdrawn result.
Withdrawn auctions typically comprise less than 6 per cent of all auctions week to week.
As the weeks progress it’s highly likely scheduled volumes will be substantially lower as vendors either convert their listings to private treaty method or hold off on selling their property until selling conditions and confidence levels improve.
Sydney
At 1,437 auctions, this was the highest in a capital city for the week, with a clearance rate of 46.9 per cent.
Melbourne
Melbourne followed with 1,248 properties going to auction, resulting in a clearance rate of 54.7 per cent.
7 Pioneer Drive, Templestowe in Victoria sold at auction for $4,938,000 through agents Andrew Keleher and Nicole Qiu of Jellis Craig Doncaster. Photo: Jellis Craig
Brisbane
There were 154 properties auctioned on the weekend in Brisbane, with a clearance rate of 27.9 per cent.
Canberra
106 properties were taken to auction in Canberra, resulting in a 44.3 per cent clearance rate.
Adelaide
Adelaide had 98 properties to be auctioned with a clearance rate of 32.2 per cent.
Perth
Perth had the least amount of auctions at only 44 achieving only a 11.8 per cent clearance rate
Similar to this:
'Significant' increase in auction clearance rates during December quarter - CoreLogic
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