Record High Initial Clearance Rate Observed Since March
- Posted By Pasang Sherpa
The statistics of this week indicates that the joint capital city initial auction clearance rate was 72.4%. This has been the peak of the initial clearance rate since the start of March and it is being monitored to observe its its standings till the final data has been collected. This weeks initial clearance rate was higher than last weeks rate by 9.4%. The initial preliminary clearance rate last week was 67.3% which was later on recorded to be 63% after the final collection of data. Comparing to the market of 2019 the clearance rate was 70.7% from the aggregate statistics of all the capitals. A total of 918 homes were open for auction this week which was higher than previous weeks number by102 homes. Last week a total of 816 homes were up for auction. However, comparing to the market of 2019 a total of 1983 houses were brought up for auction this time last year. The number fell harshly by 1065 homes this year.
Observing the current trend the auction market in Melbourne appears to be quite low, which is clarified by the statistics that just 11 homes were up for auction in the current week. Out of these 11 houses the data gathered till now indicates that 7 of them were successful, 5 were sold before the auction and 2 were sold on the same day of the auction. The comparative difference between the houses brought for auction this week and previous week is just 2 homes with 13 auctions being held last week. Past year a staggering 1020 home were put up for auction in Melbourne. A sharp rise in the auction rate is predicted this week with a possible 60 homes going for auction.
The auction market for Sydney had a great week, 679 homes were available in auction this week. The numbers were low previous week with just 600 auctions being held. The numbers this week have outshined the numbers from previous year this time which was 646 homes despite the pandemic.
Canberra demonstrated the highest preliminary clearance rate of 89.2% from 65 auctions this week. Adelaide hosted 50 auctions gaining a clearance rate of 64%.
Source:
Fono, C., 2020. Corelogic. [Online]
Available at: https://www.corelogic.com.au/news/highest-combined-capital-city-preliminary-clearance-rate-recorded-march
[Accessed 21 September 2020].