Auction Clearance Rates – Week Ending 15th of August
We’ve seen a confident-looking auction clearance rate again this week across the board, however, the figure is largely skewed due to fewer properties being taken to auction that are being snapped up due to strong buyer demand.
The new listings to sales ratio in the three months up to July is up at 1.4. In the same three months, there were 171,000 sales nationally with only 121,200. This ratio was down from a ratio of 1.2 in the three months leading up to May. If the trend continues, with continued lockdowns and consumer uncertainty raised, we might see fewer properties available to purchase in the coming months.
However, if lockdown restrictions relax and with Spring just around the corner, we may see a flurry of activity with more Sydneysiders choosing to depart for regional areas and Queensland. Since the beginning of the pandemic, Sydney has already seen 40,000 people leave the capital city in favour of regional areas. According to the ABS Brisbane alone has welcomed 16,800 people. If we keep things under control here one can only imagine a continued increase in interstate migration.
Auction Results State by State. (Auctions/Private Sales)
Queensland – =79% (92/1369)
NSW – 90% (308/1516)
Victoria – 93% (374/1003)
ACT – 97% (39/58)
South Australia – 90% (71/312)
Tasmania – NA (0/169)
Western Australia – 67% (6/595)
Northern Territory – NA (2/31)
