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41% of auctions withdrawn in Melbourne

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41% of auctions withdrawn in Melbourne

by Emma Ryan 27 July 2020 1 minute read

Recent data has provided insight into the impact of Melbourne’s lockdown, with preliminary figures showing 41 per cent of the city’s auctions were withdrawn from the market this week, compared with only 16 per cent in Sydney.

July 27, 2020

According to CoreLogic, there were 1,344 capital city homes taken to auction this week, with preliminary collection showing a success rate of 59.2 per cent. The result is the same as last week’s preliminary figures, which, as CoreLogic noted, later revised down to 53.1 per cent at final collection.

“It’s likely this week’s final clearance rate will come in around the same early 50 per cent seen last week as we continue to see large numbers of Melbourne auctions withdrawn from the market. Over the same week last year, a lower number of auctions were held (1,124) with a higher rate of success (68.6 per cent),” CoreLogic said.

“Comparing the results across Australia’s two largest auction markets highlights the impact of Melbourne’s lockdown … The larger number of withdrawn auctions in Melbourne, which are counted as unsuccessful auctions, have seen the clearance rate drop from the early-to-mid 60 per cent range through late May and June to the low 40 per cent range over the past two weeks, while Sydney clearance rates are holding above 60 per cent.  

“Removing withdrawn auctions from the clearance rate calculation shows the two markets are returning a similar ‘adjusted’ reading in the low 80 per cent range, highlighting that those properties which aren’t withdrawn from the market are still finding buyers.”

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CoreLogic found that across the smaller cities, Canberra once again returned the highest preliminary clearance rate with an 80.5 per cent success rate. The capital was followed by Adelaide (60.7 per cent), Brisbane (43.9 per cent) and PerthPerth, TAS Perth, WA (28.6 per cent).

 

41% of auctions withdrawn in Melbourne
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About the author

Emma Ryan

Emma Ryan

Emma Ryan is the deputy head of content at Momentum Media.

Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.

Email Emma on: [email protected]Read more

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