Auction success rates hold steady amid lockdowns

By Gerv Tacadena | 09 Aug 2021

Clearance rates across Australia's auction markets remained stable despite the lockdowns hampering the overall activity. 

CoreLogic's recent market update showed that of the 1,672 scheduled auctions over the weekend, 76.4% turned into a successful sale. 

"This comes as Melbourne announces a seven-day snap lockdown resulting in the three largest capital cities now being in lockdown," said CoreLogic analyst Jade Harling. 

Despite the snap lockdown, Melbourne still reported the busiest weekend with 710 auctions. Of the results collected so far, 73.5% returned successful. 

Sydney reported a higher clearance rate than Melbourne at 80.4% for 576 auctions. 

"The city has shown resilience under lockdown conditions, with over 500-600 homes proceeding to auction each week since the lockdown commenced," Ms Harling said.  

Among the smaller auction markets, Canberra hit the highest clearance rate at 86.7%. This was on the back of a relatively lower volume of 111.  

Brisbane, on the other hand, hosted the most auctions among the smaller markets. However, of the 160 auctions in the city over the weekend, only 67.4% were successful.  

In terms of dwelling type, houses accounted for 1,253 auctions over the weekend and returned a clearance rate of 77.3%. The median price for houses was $1.19m. 

Units on the other hand, clocked a 73.5% success rate for 419 auctions. Units recorded a median price of $769,000 over the weekend. 

Auction clearance rate remained steady despite the lockdowns in three cities. 

Top Suburbs : ropes crossing , flemington , coolbellup , wiley park , east victoria park

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