Auction Rates Slowed By Sydney Lockdown
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Auction Rates Slowed By Sydney Lockdown

However a number of records continued to tumble.

By Kanebridge News
Mon, Jul 5, 2021 10:12amGrey Clock 2 min

Impacted by COVID restrictions in Sydney, school holidays and the onset of winter, national auction numbers were lower over the weekend.

However, despite the aforementioned hurdles, it was a record day for July with 1825 homes auctioned, nearly double the 940 listed over the same weekend last year.

The national market reported another strong clearance rate at 79.8%, which, although lower than the previous weekend’s 82.5% is significantly higher than the 66.1% reported over the same weekend last year.

All capitals reported declines in clearance rates, when compared to the previous Saturday, with the exception of Adelaide that was 0.7% higher.

COVID related withdrawals dragged the Sydney market to a year low with the NSW capital recording a clearance rate of 76.9% on Saturday – well below the previous weekend’s 83.0% and just ahead of the 75.4% recorded over the same weekend last year.

A significant 17.5% of listed auctions were reported as withdrawn on Saturday.

Sydney reported a July record 792 auctions on Saturday was significantly lower than the previous weekend’s 958 but well above the 470 recorded over the same weekend last year.

Further, Sydney recorded a median price of $1,500,000 for houses sold at auction at the weekend – marginally lower than the $1,550,000 reported over the previous Saturday but 11.9% higher than the $1,341,000 recorded over the same weekend last year.

Melbourne performed strongly, despite easing clearance rates.

A total of 853 homes were listed to go under the hammer on Saturday, well below last weekend’s pre-holiday 1320 auctions, however still a record number for a July Saturday.

Melbourne recorded a clearance rate of 76.9% – lower than the previous weekends 79.0% but higher than the 63.2% recorded over the same weekend last year.

The Victorian capital saw a median price of $1,092,000 for houses sold at auction at the weekend – higher than the $1,000,000 recorded over the previous weekend and 32.8% higher than the $822,000 of the same weekend last year.

Data powered by Dr Andrew Wilson, My Housing Market.

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Agent: Andrew MacDonald, The Agency, 0409 368 151 andrewmacdonald@theagency.com.au

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