Confidence resurgence sees auction rate incline

Auctions in Sydney were the highest across the country, with the harbour city returning results not seen since the start of the COVID-19 crisis. 

However, the volume of properties taken to auction remains low, with just 473 scheduled auctions to take place across the capital cities over the weekend.

“With news over the week that the ban on on-site auctions and inspections as a result of COVID-19 would now be lifted in NSW, WA and, more recently announced in SA and Qld, along with a broader relaxation of social distancing policies, there’s likely to be a lift in confidence and volumes over the coming weeks,” said CoreLogic research analyst Jade Harling.

Sydney returned a preliminary auction clearance rate above 70 per cent this week, the highest preliminary result since mid-March. There were 209 auctions scheduled across the city, and of the 144 results collected, 21 per cent were withdrawn, while of the 102 sold results, 45.1 per cent sold prior to auction.

There were 160 Melbourne auctions this week, returning a preliminary clearance rate of 60.3 per cent, increasing on the 57.7 per cent final clearance rate last week when a higher 217 auctions were scheduled. Of the 116 results collected, 19 per cent were withdrawn, and of the 70 sold results, 50 per cent sold prior to the scheduled auction date.

Across the smaller capital cities, Adelaide returned the highest preliminary clearance rate of 61.9 per cent, followed closely by Canberra (61.8 per cent).