23 Mar Clearance Rates Take A Hit as Virus Bites
- Sellers withdraw from the market
- Clearance rate likely lowest in 2 years
- Turning point in buyer and seller confidence
This week’s preliminary auction results mark a turning point in buyer and seller sentiment, with withdrawal rates rising as vendors think twice about testing the market and buyers losing confidence or choosing to avoid public gatherings.
Prior to this weekend, the year to date withdrawal rate across the preliminary reading was averaging around 5% across the combined capital cities, rising to just over 8% on today’s numbers. The largest proportion of withdrawals was in Sydney where the early numbers indicate 13.5% of auctions were pulled from the market, compared with only 3.9% across Australia’s largest auction market, Melbourne. In all likelihood, we will see more vendors choosing to withdraw from the market until confidence and selling conditions improve.
Get a full rundown of results in all the capitals. Also a look inside the top sales in Sydney, Melbourne, Adelaide, Brisbane, Canberra and Perth. Kevin Brogan joins Kevin Turner to present the latest results from Core Logic.