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The Australian property market has avoided the impact of the coronavirus, with high volumes of sales and strong clearance rates, the latest data has suggested.
According to stats released by CoreLogic, preliminary auction clearance rates were 70.6 per cent for the week concluding Sunday 15 March, as 2,220 homes were taken to auction for the combined capital cities.
Final auction clearance rates are likely to fall below 70 per cent for the second straight week following a clearance rate of 68.6 per cent last week.
With uncertainty rising and confidence slipping as the coronavirus outbreak becomes more widespread, there is some downside risk that housing activity will reduce, which could weigh on auction markets over coming weeks.
However, based on the early auction results this week, the housing market has proven to be relatively resilient so far.
In Melbourne, a preliminary auction clearance rate of 70.1 per cent was recorded across 1,173 auctions this week, while last week there were 418 auctions returning a final clearance rate of 66.1 per cent.
There were 749 auctions held in Sydney this week, returning a preliminary clearance rate of 74.6 per cent. In comparison, there were 830 auctions held over the previous week and the final auction clearance rate was 75.2 per cent.
Brisbane held 102 auctions, with a preliminary clearance rate of 51.7 per cent, while Adelaide had 99 auctions with 68.4 being sold.
In the country’s west, had 28 auctions with 57.1 per cent being sold, while the nation’s capital had a preliminary clearance rate of 69.4 per cent.
The strong gains in Tasmania look set to continue, with lower volumes again leading to a high clearance rate of 83.3 per cent.