What lockdown? Sydney clocks above 80% clearance rate for seventh consecutive week

By Gerv Tacadena | 13 Sep 2021

Sydney continued to report a solid turnout in its auction markets over the weekend, despite entering its 12th week of lockdown.

CoreLogic's latest weekly market update showed Sydney hosted 668 auctions, which returned an 83.8% clearance rate.

Sydney has maintained an above 80% clearance rate for seven consecutive weeks.

Across all capital cities, 1,591 auctions were held. This was slightly higher than the previous weekend's 1,535.

The share of homes that pushed into sale also improved from the previous weekend's 67.3% to 72.3%.

The improvement can be attributed to lower withdrawal rates in Melbourne.

Over the weekend, only 43% of auctions in the city were withdrawn.

Overall Melbourne reported 510 auctions, which returned a clearance rate of 54.4%, the highest since mid-August.

CoreLogic head of research Eliza Owen said recent auctions results showed how Sydney have remained busy amid lockdown conditions compared to Melbourne.

"The low clearance rate across Melbourne is largely due the portion of properties being withdrawn from auction altogether, amid a relatively high volume of auctions scheduled before lockdowns," Ms Owen said.

Melbourne's high withdrawal rate could be attributed to the ban on private inspections, which the city proposes to be lifted once Victoria reaches its vaccination goal.

Across smaller cities, Adelaide registered the most robust figures, with 88.1% of the 160 auctions proceeding into a sale.

Meanwhile, there was a slight dip in the success rate of Brisbane, which went down to 68% from 78.8% in the previous week.

Sydney has reported an above 80% auction clearance rate for the 7th consecutive


Top Suburbs : north epping , campsie , millner , woolloongabba , tuart hill


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