15 May Results Show More Buyer Confidence
- Clearance rate ticks up
- Withdrawals halve
- Sellers still prefer a pre-auction sale
The capital city final auction clearance rate came in at 59.9% last week, the highest final result we’ve seen since Mid-March. The improved clearance rate was across a lower volume of auctions with 480 held, down on the 612 held over the week prior when 47.5% cleared.
Of the 395 results collected, 22% were withdrawn which was much lower than the 50% seen a few weeks ago, which is the main factor in the improvement of clearances rates. The number of ‘sold prior’ results was slightly lower this week, however still remain higher than we would usually see with 43.8% of properties selling prior to the scheduled date.
This week and weekend
The number of homes scheduled for auction continues to trend lower, with only 365 auctions to take place this week, lower than the 480 auctions last week.
While most states have lifted the ban on on-site auctions and inspections, it’s likely to take a few weeks before we see an uplift in scheduled volumes with vendors and agents generally relying on at least a four week marketing campaign leading up to the auction event.
There are 110 Melbourne homes scheduled for auction this week, down on the 163 held last week.
Sydney is expected to be the busiest auction market for another week, with 167 scheduled auctions this week, down on the 216 held last week.
Brisbane & Perth are the only capital city auction markets expected to see an increase in volumes over the week, with volumes lower across Adelaide and Canberra. Tasmania has no scheduled auctions this week.
Watch for Kevin Brogan’s thoughts about the auction week ahead and the numbers around the country and then join him on Monday as he gives the most comprehensive national roundup of the full week’s activity and a look inside some sold properties.