- Melbourne's auction clearance rate has plummeted
- Sydney and Adelaide are still firing away above 80%
- Overall, weighted average clearance was 55.4% across the capitals
Melbourne’s tough no property inspections lockdown continues to drag down auction results in the Victorian capital, hitting as low as 34.7% clearance rate last week according to CoreLogic, and 16.6% (SQM).
Overall, the national clearance rate was down to 55.4%, weighed down by the Victorian capital, although it was 82.7%, 81.3% and 71.8% in the alternative realities of Sydney, Adelaide and Brisbane, respectively, according to CoreLogic.
More homes went to auction across the capital cities last week, with 2,245 in all, compared to 1,977 the week before (+13.6%).
To put this into perspective, the overall auction clearance rate has dropped almost 20% over the past two weeks, and is the lowest in more than a year (when the country was first gripped by the pandemic).
Sydney has continued to fire along, with 69.6% of the 677 auctions held clearing. This was one of the best clearance rates since April, according to SQM Research (see chart above). CoreLogic also recorded a strong auction success rate for Australia’s largest city, with an 82.7% clearance rate – 421 sold out of 509 counted.
Over in Melbourne, things were drastically different, with 1,677 auctions scheduled, and a clearance rate diving down to 16.6% according to SQM Research, the lowest rate since September last year.
CoreLogic counted 1,185 auctions, with 64.3% withdrawn, only 34.7% were sold under the hammer.
Adelaide was (again) the best performing auction market with an 81.3% clearance rate (down from 87.1% last week), with Canberra 63.2% (now in lockdown, last week 78.9%), while Brisbane saw 71.8% auction clearance (71.9% last week) and Perth 72.7% (albeit with only 11 auctions counted), according to CoreLogic.