Strong showing at Sydney's auctions

By Gerv Tacadena | 01 Sep 2020

It was a tale of two auction markets in Sydney and Melbourne — while the former recorded its busiest week since April, the latter continue to struggle with the lockdown restrictions, according t0 CoreLogic.

Melbourne recorded its lowest number of auctions since May. Over the weekend, only 167 auctions took place, of which less than half turned to a sale. The city's low clearance rate was due to the high level of withdrawals over the weekend. Meanwhile, close to 90% of homes that were successfully sold went off the market before the auction date.

"The high withdrawal rate against an already low number of scheduled auctions, together with such a high proportion of properties selling prior to the auction event rather than under the hammer, implies vendors have become increasingly reluctant to test the market through the lockdown period," said Jade Harling, an analyst at CoreLogic.

On the other hand, Sydney hosted 730 auctions over the weekend, which returned a 74% preliminary clearance rate. This was Sydney's busiest weekend for auctions since April.

"In stark contrast to Melbourne, the number of auctions across Sydney has been consistently trending higher, with this week's auction volume," Harling said.

Across the small markets, Adelaide recorded the highest preliminary clearance rate at 83.9% but Canberra reported the busiest market with 79 auctions.

The table below shows how the auction markets in capital cities performed over the weekend:

It was a tale of two auction markets — while Sydney shows strength, Melbourne continues to reel under pressure

Top Suburbs : tuart hill , flemington , coolbellup , sth toowoomba , bligh park


Get help with your investment property

Do you need help finding the right loan for your investment?

When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local mortgage broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here