A preliminary clearance rate of 70.6 per cent is defying the coronavirus fears, as buyers came out to weekend auctions.

This confidence may not continue, however as uncertainty rises due to a spreading virus.

There is some downside concern that housing activity will reduce which could weigh on auction markets over coming weeks.

At a Glance:

• 2,220 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 70.6 per cent.
• 1,494 auctions were held last week, returning a final clearance rate of 68.6 per cent.
• Final auction clearance rate likely will revise below 70 per cent for the second week in a row

However, based on the early auction results this week, the housing market has proven to be relatively resilient so far.

Melbourne

In Melbourne, a preliminary auction clearance rate of 70.1 per cent was recorded across 1,173 auctions this week, while last week there were 418 auctions returning a final clearance rate of 66.1 per cent.

REIV CEO Gil King said almost half the Victorian auction sales were held in Melbourne's middle ring, with over 280 homes led by Reservoir which sold 15 homes under the hammer.

“From the suburbs which cleared 100 per cent of auction listings last week, Coburg sold the most with eight homes," said Mr King.

"Bentleigh East and Cheltenham follow with seven properties each.

54_nepean_hway_aspendale.jpg

54 Nepean Highway, Aspendale, Victoria sold for $3.450 million, the suburbs most expensive home, sold by agents Garry Donovan and  Simon Wendt of hockingstuart. Photo: hockingstuart

“Sold last week for $3,450,000 was a beachfront property in 54 Nepean Highway, Aspendale – the suburb’s most expensive home sold through auction in the last two years.”

Sydney

There were 749 auctions held in Sydney this week, returning a preliminary clearance rate of 74.6 per cent. In comparison, there were 830 auctions held over the previous week and the final auction clearance rate was 75.2 per cent.

Damien Cooley of Cooley Auctions said the auction for 2/10 Hastings Pde North Bondi saw eight registered bidders.

The auction opened at $1.6 million and finished selling at $1.980 million.

The auction for 7 Haywood Street Kingsford had 10 registered bidders and went under the hammer at $2.175 million, $325,000 over reserve.

Tasmania

The apple isle topped the clearance rate numbers with 83.3 per cent over 12 auctions.

Canberra

The next highest clearance rate was experienced in Canberra with 57 auctions held.

Adelaide

Adelaide followed with a clearance rate of 68.4 per cent over 99 auctions.

Perth

Perth's clearance rate was 57.1 per cent over 28 auctions.

Brisbane

Brisbane brought up the rear with only a 51.7 per cent clearance rate after 102 properties went under the hammer.

Commercial

In the commercial world a record price was achieved at auction in Swanston St, Melbourne, showing the strength of demand in this area.

Auction and Inspection management stratgies amidst COVID-19

What the industry is recommending during the coronavirus pandemic if you are planning to purchase or rent a property.

Similar to this:

Super Saturday results hitting 77+ per cent clearance rates

Clearance rates reach new heights in latest auction results

Sydney clearance rate soars in post-public holiday auction results