Across the combined capital cities, a very subdued 636 homes were scheduled for auction over the Easter week. So far, 472 results have been collected returning a preliminary auction clearance rate of 29.3%, dragged down by a withdrawal rate of 57% as the auction market continues to face challenges around social distancing measures banning on-site auctions. Of the sold results this week, 63% sold prior to the scheduled auction date.
The low volumes over the week are not unusual as we have historically seen, Easter weekend is one of the quietest weeks of the year, however the clearance rate is the lowest preliminary result recorded since CoreLogic commenced auction reporting in 2008.
It’s likely as more results are collected that the final clearance rate will come in even lower and withdrawal rates higher. Looking forward, we are expecting the withdrawal rate to ease as fewer auctions are scheduled, with vendors preferring private treaty methods of sales, or preferring to defer their listing until some certainty returns to the market and economy.