Auction Markets Strain Under Lockdown
High numbers of withdrawals saw the clearance rate dip at the weekend.
2 min
While Auction numbers remain high – with 1944 listings reported on Saturday, July 24 – the national clearance rate suffered due to COVID-related lockdowns falling to 77.3% when compared to the previous weekend’s 80.5%, the lowest results of the year.
Clearance rates were lower in all capitals on Saturday – with Sydney and Melbourne experiencing a high volume of withdrawals – with the exception of Canberra.
In Sydney, auction numbers were sharply low – due to the COVID lockdown.
A total of 566 homes were reported as auctioned on Saturday which was well below the 872 July record set last weekend – the lowest reported on a non-holiday weekend since February 13 this year.
The clearance rate was also lower, falling to a year low 75.1% compared to the previous weekend’s 78.0%. However, it remained higher than the 70.4% recorded over the same weekend last year.
A total of 24% of reported auctions were withdrawn.
The NSW capital recorded a median price of $1,532,500 for houses sold at auction at the weekend which was lower than the $1,603,000 reported over the previous Saturday but 17.7% higher than the $1,302,500 recorded over the same weekend last year.
In turn, Melbourne’s auction market held the line on Saturday, producing relatively strong results.
The Victorian capital recorded a robust 73.0% clearance rate at the weekend – close to the previous weekend’s 73.2% but well ahead of the 47.7% recorded over the same weekend last year.
The clearance rate was again impacted by 30.6% of auctions withdrawn.
A total of 1120 homes were listed to go under the hammer on Saturday, ahead of last weekend’s previous record 1061 auctions and significantly higher than the 527 auctions over the same weekend last year.
Melbourne recorded a median price of $938,000 for houses sold at auction at the weekend which was lower than the $992,500 recorded over the previous weekend but 9.4% higher than the $857,000 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson, My Housing Market.
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2 min
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This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
