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Auction rates half as Australia goes on holiday

Auction rates half as Australia goes on holiday

by Cameron Micallef | March 09, 2020 | 1 minute read

As half the country takes a well-deserved day off work, it has had a significant impact on auction clearance rates, according to national figures.

Auction
March 09, 2020

Auction clearance rates released by CoreLogic show 1,456 auctions were held across the combined capital cities, which was a little less than half the 3,026 auctions held the week before.

However, lower volumes did not deter buyers, with preliminary auction clearance rates across all capitals rising to 74.8 per cent this week, up from 73.9 per cent last week.

In Sydney, 811 homes were taken to auction, recording a preliminary auction clearance rate of 82.6 per cent, which is up from last week’s final clearance rate of 76.6 per cent across 1,087 auctions.

As auction volumes fell across Melbourne this week, so too did the clearance rate, with 68.6 per cent of the 404 auctions held reporting a successful result, down significantly from last week’s final result of 74.8 per cent across 1,612 auctions. 

In the nation’s capital, where they are celebrating Canberra Day, 47 auctions took place, which saw 30 homes sold for an auction clearance rate of 66.7 per cent.

Up north in Brisbane, auction clearance rates fell to 53.2 per cent, following 62 auctions resulting in 33 clearances.

For Adelaide and PerthPerth, TAS Perth, WA, numbers remained around 60 per cent, with 47 auctions in Adelaide resulting in 30 sales, while 12 auctions in Perth resulted in seven properties being sold.

About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

Auction rates half as Australia goes on holiday
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