Auction Clearance Rates – Week Ending 8th of August
Prolonged lockdowns are reducing the number of properties selling under the hammer this week in our Capital cities. Sydney saw fewer houses selling by auction, and as Melbourne enters a snap lockdown, over 100 property owners decide to pull their homes from the market.
In saying that, clearance rates are still relatively high. The reason for this is the lower availability of properties across the country. This results in higher absorption rates as buyer demand quickly soaks up any properties that come available for sale. If this remains, prices are likely to continue to climb. Last week property prices rose by 0.4% with property available still 17% below last year’s levels.
Auction Results State by State. (Auctions/Private Sales)
Queensland – =80% (99/1345)
NSW – 87% (304/1505)
Victoria – 93% (403/1140)
ACT – 96% (93/55)
South Australia – 100% (44/291)
Tasmania – NA (0/182)
Western Australia – 83% (6/619)
Northern Territory – NA (0/28)
