- Preliminary auction clearance rates for week ending 14 Feb average 86.1 per cent
- This is higher than the same week last year, and despite a snap lockdown in Melbourne
- Final numbers will be lower, once withdrawals have been taken into account
Various media outlets have already weighed in on another strong week of auction action, with Brisbane being described as ‘soaring’, ‘much stronger than usual’, and overall clearance rates across the nation averaging above 86 per cent.
This is preliminary data, so once all the results are in, and with more withdrawn auctions likely in Melbourne due to the sudden lockdown, the final number will be lower.
However, this is still an incredible result based on historical averages.
CoreLogic identified 1,529 auctions last weekend, and of the 1,191 (78%) already reporting, 86.1 per cent had sold – either sold prior or at the auction itself.
The equivalent, final figure just for the same week last year was 73.3% clearance, on about the same number of auctions (1,596).
Melbourne was set to hold 668 auctions this past week, and of the 463 reporting so far (69%), 87.8 were successful, up from the previous week’s preliminary result of 80.8 per cent. The final result for Melbourne that week was revised down to 76 per cent, once all withdrawals had been accounted for.
Elsewhere, Sydney saw preliminary clearance rates of 87 per cent this week, whereas the same week last year saw 75.4 per cent (final) of auctions being successful, according to CoreLogic.
SQM Research has reported Sydney’s clearance rate at 71.1 per cent, a tick down from last week, but still among the highest activity in a year, which saw the harbour city’s auction clear at around 45-60 per cent for much of 2020.
In Canberra, 91.2 per cent of auctions were sold according to early CoreLogic data, with SQM Researrch reporting 81.5 per cent.
Data from auctions continues to suggest that properties are flying under the hammer.