COVID Withdrawals Drag Clearance Rates Down | Kanebridge News
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COVID Withdrawals Drag Clearance Rates Down

A deluge of sellers brought auction activity to unprecedented levels.

By Kanebridge News
Mon, Jun 7, 2021Grey Clock 2 min

A steady stream of sellers continues to flood national auction markets in record numbers as the winter selling season kicked off on Saturday June 5.

A total of 2697 homes were reported listed by the national auction capitals on Saturday – higher than the previous weekends 2505 – a record June offering and the second highest for the year so far.

National clearance rates, however, eased once again, reflecting the surge in listings alongside high withdrawals in a Melbourne market impacted by the COVID-related lockdown measures.

Saturday’s national clearance rate of 80.7% was the lowest of the year so far, below the previous weekend’s 82%.

The Sydney auction marked hosted another remarkable number of listings on Saturday to smash the June record for the number of properties auctioned. The city reported 1048 auctions on Saturday, higher than the previous weekend’s 981, and the second highest of the year so far.

The clearance rate lowered to 80.8% in Sydney on Saturday, lower than the previous weekend’s 82.2% but higher than the 57.9% recorded over the same weekend last year.

Despite the result being the lowest for the Harbour City this year, it marked the 17th consecutive weekend of clearance rates above 80%.

Sydney recorded a median price of $1,605,000 for houses sold at auction at the weekend which the same as reported over the previous Saturday but 17.8% higher than the $1,362,500 recorded over the same weekend last year. 

Melbourne reported a clearance rate of 72.2% which was lower than the 76.5% recorded the previous weekend and the lowest result since the 66.9% recorded over October 24th last year – also impacted by lockdown at that time.

Further, Melbourne reported a remarkable 1379 auctions on Saturday which was well ahead of the 1272 conducted the previous weekend and the second highest for the year so far.

Melbourne recorded a median price of $1,046,000 for houses sold at auction on the weekend which was higher than the $987,500 recorded over the previous weekend and 25.6% higher than the $833,000 recorded over the same weekend last year.

Data powered by Dr Andrew Wilson of My Housing Market.

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Strong performances in Melbourne, Adelaide and Canberra lifted the national average.

By Kanebridge News
Mon, Aug 8, 2022 2 min

Following on from the rate rise early last week, the weekend’s auction market remained resilient, despite a lack of listings reflecting the growing unease of sellers.

The national auction market reported a clearance rate of 60.9% at the weekend — lower than the 62.0% reported last weekend and well below the 81.5% recorded over the same weekend last year.

National auction volumes were lower at the weekend with only 1202 listings compared to last weekend’s 1543 and significantly lower than the same weekend last year’s 2100 auctions.

The Sydney market eased at the weekend, following the previous week’s slight uptick.

The Harbour City recorded a clearance rate of 57.8% at the weekend — lower than the 62.5% of the previous weekend and well behind the 83.0& of the same weekend last year.

Auction numbers too were down on the previous weekend – only 421 reported compared to 570 and well below the 532 auctioned over the same weekend last year.

Sydney recorded a median price of $1,470,000 for houses sold at auction at the weekend — lower than the $1,497,000 recorded last weekend and 8.4% down on the same weekend last year’s figure of $1,605,000.

Melbourne’s weekend auction market saw another solid result, with a clearance rate of 62.1% — slightly higher than the previous weekend’s 60.5% but lower than the 71.7% over the same weekend last year.

A total of 550 homes were recorded listed at the weekend in the Victorian capital — significantly lower than the 692 reported over the previous weekend and well below the 1301 listed over the same weekend last year.

Melbourne recorded a median price of $968,500 for houses sold at auction at the weekend — similar to the $970,000 reported last weekend and just 0.9% higher than the $960,000 recorded over the same weekend last year.

Elsewhere around the country, Brisbane failed to reach a clearance rate of 50%, managing to clear only 46% of the 84 listings recorded, while Adelaide and Canberra both performed strongly with rates of 72.5% and 66.2% respectively.

Data powered by Dr Andrew Wilson, Myhousingmarket.com