This week, 590 capital city homes were scheduled for auction, with preliminary results returning a 59.6 per cent clearance rate. The previous week saw 413 homes scheduled for auction and a final clearance rate of 41.1 per cent with the lower volumes likely due to Anzac Day commemorations. One year ago, there were 1,479 homes taken to auction and a 52.5 per cent clearance rate.
It’s likely the number of scheduled auctions will remain substantially lower than normal, at least until social distancing policies are lifted and on-site auctions can resume. With fewer scheduled auctions, we are likely to see the withdrawn rate start to normalise which is likely to have a positive flow-on affect to the clearance rate. It has been dragged lower over the past month due to a surge in auction withdrawals which are counted as unsold in the clearance rate statistics.
As we’ve seen over the last few weeks, the number of auction results collected at a preliminary stage are lower than usual as we seek to confirm the status of scheduled auctions so results should be interpreted with caution.
In Melbourne, 210 homes were scheduled to go under the hammer this week. So far 108 auctions have been reported, returning a preliminary success rate of 63.0 per cent. Once remaining results are collected we expect this to revise lower. The previous week saw a final clearance rate of 27.9 per cent across 144 auctions.
There were 269 auctions scheduled in Sydney this week, returning a preliminary clearance rate of 62.7 per cent. In comparison, last week saw 192 homes taken to auction with a success rate of 50.9 per cent.
Across the smaller cities, Canberra continues to outperform the remaining capital cities with a 72.2% preliminary success rate.