Preliminary clearance of 39.1 per cent for this week's auctions

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Apr 20, 2020

Preliminary clearance of 39.1 per cent for this week's auctions

An increase of properties went under the hammer but Coronavirus challenges are still impeding activity, said CoreLogic.

Blackshaw

41 Turners Road, Yarralumla, ACT sold at auction for $2.6 million

This week, 1,848 capital city homes were scheduled for auction; a substantial rise to the number of homes scheduled for auction last week, over the Easter slowdown period when 634 homes were taken to auction.

Despite the increase in volumes over the week, the existing challenges around new policies banning onsite auctions and inspections are still impeding on activity across the auction market.

At a Glance:

1,848 properties were scheduled for auction, up from 634 over the Easter long weekend
Of the 356 properties sold, 64 per cent were sold prior to auction
This week showed a preliminary clearance rate of 39.1 per cent

As confidence remains low and circumstances uncertain, it’s expected that fewer vendors will elect auction as their preferred method of sale and either convert to private treaty method or hold off on selling all together and scheduled volumes will likely decrease over the coming weeks.

corelogic_clearance_rates.jpg

Source: CoreLogic

This post-Easter weekend saw 1,848 properties scheduled for auction, returning a preliminary clearance rate of 39.1 per cent.

Of the 356 properties that did report a sold result, 64 per cent sold prior to the auction date.

According to initial data collected, 50 per cent of all results were recorded as being withdrawn.

It’s important to note however, the number of auction results collected at a preliminary stage are lower than usual as CoreLogic seek to confirm the status of scheduled auctions.