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. 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.
This post-Easter weekend saw 1,848 properties scheduled for auction, returning a preliminary clearance rate of 39.1%. Of the 356 properties that did report a sold result, 64% sold prior to the auction date. According to initial results collected, 50% of all results were recorded as being withdrawn.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 we seek to confirm the status of scheduled auctions.
In Melbourne, 975 homes were scheduled to go under the hammer this week returning a preliminary success rate of 39.7%. The clearance rate was heavily impacted by 53% of auctions withdrawn from the market. While 73.2% of the successful Melbourne auctions were actually sold prior to the scheduled auction date.
There were 709 auctions scheduled in Sydney this week, returning a preliminary clearance rate of 39.8%. Similar to Melbourne, the clearance rate was skewed lower by a large proportion of withdrawn auctions with half of the results collected this week reported as being withdrawn. Of those auctions that were successful, 60.2% were sold prior to the scheduled auction event.
Across the smaller cities, Canberra continues to outperform the remaining capital cities with a 66.7% preliminary success rate and the lowest rate of withdrawn auctions (25%).