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Over the weekend, only 43% of auctions in the city were withdrawn.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"The low clearance rate across Melbourne is largely due the portion of properties being withdrawn from auction altogether, amid a relatively high volume of auctions scheduled before lockdowns," Ms Owen said.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 : mt gravatt , keperra , west wodonga , nightcliff , campsie

SHARE

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