The latest CoreLogic data has provided insight into preliminary auction clearance rates for the week ending 12 April 2020.
According to CoreLogic’s latest Property Market Indicator Summary, for the week just past, preliminary auction clearance rates dropped below 30 per cent.
“Across the combined capital cities, a very subdued 636 homes were scheduled for auction over the Easter week,” the CoreLogic report said.
“So far, 472 results have been collected, returning a preliminary auction clearance rate of 29.3 per cent, dragged down by a withdrawal rate of 57 per cent as the auction market continues to face challenges around social distancing measures banning onsite auctions.
“Of the sold results this week, 63 per cent sold prior to the scheduled auction date.”
The CoreLogic report noted the low volumes are not unusual this time of year.
“[The] Easter weekend is one of the quietest weeks of the year; however, the clearance rate is the lowest preliminary result recorded since CoreLogic commenced auction reporting in 2008,” it said.
“It’s likely as more results are collected that the final clearance rate will come in even lower and withdrawal rates higher.”
Looking ahead, CoreLogic said it expects the withdrawal rate to ease “as fewer auctions are scheduled, with vendors preferring private treaty methods of sales, or preferring to defer their listing until some certainty returns to the market and economy”.
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