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The latest CoreLogic auction data shows vendors have been spooked by COVID-19 outbreaks.
Just 2,177 capital city homes were taken to auction over the week ended 4 July 2021, a drop of almost 800 on the week prior, according to CoreLogic’s Property Market Indicator Summary.
With volumes down, the clearance rate also took a slight hit, with the preliminary clearance rate sitting at just 73.6 per cent from the previous week’s final clearance rate of 75.4 per cent.
Here’s how each capital city fared:
Melbourne
Revelling in its recent emergence from restrictions, Melbourne’s auction market is returning to “business as usual”, according to CoreLogic.
A clearance rate of 75.9 per cent has come from 1,067 auctions over the week.
While auction numbers were down from the previous week — when 1,418 properties went under the hammer — the smaller number of auctions did offer up a higher clearance rate than last week’s 74.7 per cent.
Sydney
With residents across the city unable to leave their homes, it’s unsurprising that while 863 properties were originally ready for auction, 11 per cent were rescheduled to a later date.
At this point in time, CoreLogic understands 672 auctions still went ahead — returning a clearance rate of 71.6 per cent — with a further 23 per cent withdrawn from auction.
It’s a big dip from the previous week’s figures, when a number of Sydney regions weren’t impacted by lockdown restrictions. Over that seven-day period, 1,084 properties were taken to auction with a final clearance rate of 77.5 per cent.
Brisbane
Also impacted by a lockdown of its own, Brisbane was reported as only having 153 auctions scheduled over the week ended 4 July 2021.
While 13 per cent of these were rescheduled to a later date, a further 16 per cent were withdrawn, resulting in a preliminary clearance rate of 64.4 per cent.
Canberra
CoreLogic has revealed that the Australian Capital Territory city returned the highest preliminary clearance rate across all auction markets for the week — at 86.8 per cent from 66 auctions.
It hints at Canberra’s continued strength, having reported a clearance rate of 81.3 per cent from 57 auctions over the same week in 2020 — when much of the nation was reporting auction clearance rates below 65 per cent.
Adelaide
From 129 auctions, the city of churches managed a preliminary clearance rate of 73.7 per cent.
Perth
Dealing with restrictions of its own, only 15 auctions took place in the Western Australian city over the week ended 4 July 2021 — just above the minimum sample size of 10 results required by CoreLogic to report a clearance rate.
Just four clearances occurred, resulting in a clearance rate of 28.6 per cent.
Tasmania
Just two auctions took place in Tasmania over the past week, with both finding buyers under the hammer. As mentioned above, the sample size was not large enough by CoreLogic’s standards to deliver a clearance rate.
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