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The auction market has remained resilient despite lockdowns hampering both of Australia’s largest capitals, new data has revealed.
Despite the extension of the Sydney lockdown and the commencement of a fifth lockdown across Victoria, preliminary auction clearance rates across capital cities have remained relatively steady week on week, according to CoreLogic.
In fact, latest CoreLogic figures showed a total of 2,169 capital city homes taken to auction over the week to 18 July 2021, which returned a preliminary auction clearance rate of 76.3 per cent — higher than last week’s final results of 73.7 per cent from 2,104 auctions.
Following the extension of Sydney’s lockdown to 30 July, only 786 auctions pushed through across the capital city, down by 8.5 per cent from the initial predicted count.
Still, the NSW capital recorded a preliminary clearance rate of 77.1 per cent, which was higher than last week’s final results of 74.3 per cent from 650 auctions.
“Clearance rates have been holding firm and while more properties than normal are being withdrawn prior to auction, those vendors who stay the course are still achieving solid prices,” according to Real Estate Institute of New South Wales (REINSW) CEO Tim McKibbin.
“The steady clearance rate figure is supported by a greater proportion of properties selling prior to auction, compared to non-lockdown periods. Buyers are showing a willingness to act early to navigate restrictions.”
The CEO went on to predict that “we can expect more of the same this week”.
Similarly, Melbourne’s auctions were revised down to 1,017, as the capital city commenced a snap five-day lockdown, but its preliminary clearance rate at 76.4 per cent surpassed last week’s final results of 71.2 per cent out of 1,076 auctions.
Both Sydney and Melbourne saw withdrawal rates increase week on week to 17.5 per cent and 18.6 per cent, respectively — likely owing to the COVID-19 restrictions.
Of the smaller capital cities, Adelaide took the top spot for the first time in several weeks, with a preliminary auction clearance rate of 83.1 per cent from 100 auctions.
This was followed by Canberra with an 82.4 per cent clearance rate from 92 auctions and Brisbane with 66.7 per cent from a higher 160 auctions.
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