- In Sydney and Melbourne, Easter auction rates were high
- They are about 10% to 20% better than most of last year
- Brisbane's clearance rate plunged to under 10% last year, but is now 25%
Despite much lower volumes than the week prior, due to the extra-long weekend, the highest number of Easter auctions (874) were recorded this year.
Strong auction action was witnessed in Sydney, with 72% clearance rates, according to data from SQM Research.
[Select part of the chart to zoom in on various years, and ‘reset zoom’ button to return]
CoreLogic recorded a similar number of auctions (421, as opposed to SQM’s 468) but with a much higher clearance rate of 85.9% (preliminary, which will be updated downwards as more results come in.)
No matter what number you go with, it’s the trend that’s important, and on both measures, Sydney’s hot auction market seems to be continuing, unabated. SQM has the clearance rate at or about 70% for the past nine weeks, and well above the 50% to 60% rates last year.
Meanwhile, auctions in Melbourne were fewer in number (182 according to SQM, 216 on CoreLogic) with a clearance rate of 57.1% according to SQM, down on the previous week’s 67.1%. CoreLogic calculated a clearance rate of 75.3%.
[Select part of the chart to zoom in on various years, and ‘reset zoom’ button to return]
Again, whichever calculation you go with, auctions are succeeding at the highest rates seen since early 2020, on higher volumes.
In February/March 2020, around 1,000 properties were auctioned in Melbourne every week, with 50% to 60% selling before the pandemic hit. For the same period this year, 1,300 to 1,900 properties were auctioned with more than 60% clearing each week.
Up in Brisbane, we’ve seen a similar pattern, with auctions clearing between 20% and 30% (around 100 to 150 a week) in the run-up to Easter 2021. A year ago an almost identical number were being auctioned and clearing, with a slump after April 2020 improving a little as the year drew to an end.
[Select part of the chart to zoom in on various years, and ‘reset zoom’ button to return]
Less than one in ten auctions in Brisbane were successful during the worst parts of the pandemic in 2020, but the rate has since improved to one in four.
Looking at all three charts, it’s clearly visible when the lockdowns occurred in each city.
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Data from SQM Research, The Property Tribune’s data partner.
