Clearance rates fall over long weekend

“Of the 530 results collected so far, 69.3 per cent were successful, only slightly lower than last week’s preliminary figure of 70.5 per cent, which by final collection on Wednesday revised down to 64.2 per cent. 

“Over the same week last year, a final clearance rate of 67.6 per cent was reported across a higher 1,324 auctions.”

According to CoreLogic, activity remained “close to record lows” in Melbourne, largely believed to be a result of the city’s restrictions seeing a lower amount of house-hunters at present. Just 57 auctions were scheduled for the week concluding 4 October. However, this is an increase on the week prior when 40 homes went under the hammer, and just 11 the week before that.

Of the 49 results collected for the week concluding 4 October so far, 31 have been successful. Meanwhile, 16 were withdrawn. This puts the preliminary clearance rate at 63.3 per cent. 

The researcher noted that 61.3 per cent of sold results reportedly sold prior to the scheduled auction event. 

“One year ago, 775 Melbourne homes were auctioned with 70.5 per cent selling,” CoreLogic said.

“As restrictions ease across Melbourne, we are expecting auction numbers to rise substantially. 

“Sydney accounted for 66 per cent of all auction activity this week, with 435 auctions held across the city. Volumes were lower over the week after last week recorded the busiest week this city has seen since April (812). Of the 354 results collected so far, 259 were sold, providing a preliminary clearance rate of 73.2 per cent. 

“This time last year, Sydney recorded a final auction clearance rate of 74.75 per cent, across a lower 317 auctions.”