- Melbourne's clearance rate continues to improve, according to both SQM Research and CoreLogic
- Sydney's clearance rate is still hovering around the 70% mark (SQM), and 84.3% (CoreLogic)
- Adelaide once again had the highest auction clearance rate, at 87.7%
The Melbourne auction market is continuing its bounce back, reaching a 37.7% clearance rate last week, up from 33.5% the previous week, according to SQM Research. This is the fourth consecutive week the clearance rate has improved in the Victorian capital.
CoreLogic, which applies a different methodology compared to SQM, recorded the Victorian capital auction rate at 77.2%, up from 56.4% last week. This is the highest preliminary auction rate since the week ending 23 May.
Melbourne’s tough no property inspections lockdown had been blamed for the continued drag on auction results – however, these restrictions have since been eased after pressure from various bodies such as the Real Estate Insitute of Victoria (REIV).
Just 16.1% of scheduled auctions were withdrawn last week – less than half of the 35.9% withdrawn rate the week before.
Meanwhile, Sydney’s clearance rate declined slightly from 70.8% to 69.7% according to SQM. The rate has been hovering around 70% for the past four weeks.
928 properties were taken to auction in Sydney last week according to SQM, a jump from 871 the week before, and the highest volume since the week ending 18 July.
CoreLogic has Sydney’s clearance rate at 84.3% – extraordinary given that the rate was 65.4% during the same time last year when Sydney was free of lockdowns.
In Melbourne, 430 properties were taken to auction last week according to SQM, a decline compared to the previous week when 580 total auctions occurred.
These volumes represent a collapse given that the week ending 29 August – just before the most recent lockdown – 1,667 auctions occurred – although the clearance rate for that week was a mere 16.6% then.
Adelaide once again recorded the highest auction rates for a major auction capital, with an 87.7% clearance rate last week on 166 auctions. Canberra followed with 85.9% and Brisbane at 79.7%.
Capital Cities auction results: week ending 26 Sept 2021