Auctions Lockdown
Auctions continue to flourish, even in lockdown. Image – Canva/CoreLogic
  • Melbourne’s extended lockdown reduced total capital city auctions from 3,101 to 2,691
  • Previous week had seen 2,905 take place, also during Melbourne's lockdown
  • Preliminary clearance rate was 73.5%, compared to 75.5% last week

Melbourne’s extended lockdown – now in week two – reduced total combined capital city auctions last week from 3,101 to 2,691, a fall of 13% from the projected total, according to CoreLogic.

The previous week had seen 2,905 take place, with the Victorian capital city in its first week of lockdown.

Melbourne

The combined preliminary auction clearance rate was 73.5%, compared to 75.5% last week (which was revised to 73.5% once all the data was in).

Even in lockdown, Melbourne held 1,098 auctions, down 24% from the 1,452 originally scheduled.

To this into perspective, there were only 195 auctions held in Melbourne the same week last year.

Meanwhile, the Real Estate Institute of Victoria (REIV) reported on 565 auctions in Melbourne from its members, with a 96% clearance rate. The previous week they recorded 869 auctions, with a 93% success rate.

SQM Research data showed a clear decline in auction clearance rates over the past two weeks. Having shown clearances above 60%, they plummeted to 49% the week before last, and just 36% last week.

This was on a greater number of identified auctions: 1,515 during the week of 30 May, and 1,611 for the week ending 6 June.

Auctions Data, since Feb 2020

Overall

Auction Clearance Rates (%), Combined Capitals

Auction Clearances Capitals 6June21
Source: CoreLogic

So far this year, 26% of auctions are selling before the event, with 4.5% withdrawn.

Overall then, according to CoreLogic data, auction clearance rates are slightly down as compared to the highs of a few months ago, but are still among the highest levels we have seen across the country in five years or more.

And this is despite one of the major auction cities experiencing a lockdown.

Capital City Auction data, last week

Auction Clearances Capital Cities
Source: CoreLogic

Elsewhere

Over in Sydney, 1,171 homes were put under the hammer, with a 79.6% clearance rate, on preliminary data. This compares to the previous week’s 81% clearance, which was later revised down to 76%.

Across the other capitals, Canberra recorded 78.5% preliminary clearance rate, Adelaide 73.3%, Brisbane 69% and Perth 61.5%.

You May Also Like