Despite the COVID-19 outbreak disrupting the usual levels of activity in Australia's auction markets, there are areas that still reported success rates above 50% over the June quarter, figures from CoreLogic show.
During the past three months, Canberra reported a clearance rate of 58.7% for 576 auctions. Sydney followed with 51.5% of 6,372 auctions pushing into a sale.
The volume of auctions over the quarter indicate the impact of the social distancing and restriction measures amid the outbreak. In fact, only 13,783 auctions took place in the three-month period, down by 27% from the previous quarter and by 24% from the same period last year.
Eliza Owen, head of research at CoreLogic, said while real estate agents have managed to pivot to online solutions or convert to private treaty methods of sale, these were not enough to maintain the usual levels of activity.
"The initial market response to COVID-19 was a severe drop in sales and listings across both auction and private treaty sales methods. Many vendors who did not have to sell were initially unwilling to take their property to market in a time of high uncertainty," she said.
Also read: Auction Clearance Rates On An Uptrend
Melbourne's Glen Waverley is the suburb with the highest number of auctions held over the quarter at 109. Next on the list is Randwick in Sydney, which hosted 90 auctions.
In terms of successful auctions, Sydney's Cremorne clocked the highest clearance rate at 76.7%, followed by Caulfield South in Melbourne at 76.2%.
The table below shows the quarterly auction statistics in each state capital:
Top Suburbs :
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.
We value your privacy and treat all your information seriously - you can check out