- Melbourne has recorded its second-highest preliminary clearance rate this year, according to CoreLogic
- Nationally, the combined clearance rate is at decade-high levels
- SQM Research data shows Melbourne's highest clearance rate since March
Auctions results continue their recovery from lockdown-fuelled declines, with Melbourne recording its second-highest preliminary auction clearance rate so far this year, according to CoreLogic.
The high result also comes as fewer auctions have been withdrawn across the city, suggesting dual confidence from sellers and vendors alike. Likely, this has been influenced by the easing of rules surrounding inspections.
For context, private one-on-one inspections have been allowed in Sydney since the current Delta outbreak began, but have been banned in Victoria until recently, contributing to an increase in withdrawn auctions over the past few months.
Nationally, 1,986 were auctioned – far above the 648 recorded at the same time last year.
Overall, weekly auction clearance rates of the combined capital cities are at decade-high levels- even higher than the last housing boom during the mid-2010s.
Weekly clearance rate, combined capital cities
Sydney
796 properties were taken to auction in Sydney last week according to SQM, a decline from 928 the week before, which had been the highest volume recorded since July.
SQM recorded a clearance rate of 67.1% – a slight decline compared to 69.7% the week before.
CoreLogic has Sydney’s clearance rate at 82.4% – by contrast, during the same time last year when it was lockdown-free, it was 65.8%, highlighting the high level of activity in the market.
Melbourne
In Melbourne, 878 properties were taken to auction last week according to SQM, a significant rise compared to the previous week when 430 total auctions occurred.
The clearance rate last week was 63.7% – coming from 37.7% the previous week. This is the highest clearance rate for Melbourne since March.
CoreLogic recorded an 87% clearance rate from 800 auctions – the second-highest preliminary rate this year for the Victorian capital. For the previous week, the clearance rate was 77.2% from 343 auctions.
By comparison, during the same time last year, a 60.8% clearance rate was recorded from a mere 55 auctions. Two extended lockdowns, two very different results.
Elsewhere…
Canberra recorded the highest clearance rate at 89.6% from 113 auctions – above 81.3% during the same time last year when 48 auctions were held.
This was followed by Adelaide at 85.6% from 132 auctions. The same time last year saw a clearance rate of 62.9% from just 36 auctions.
