According to the latest CoreLogic data, auction markets in Australian capitals have recorded the highest collective customs clearance rate since COVID-19 restrictions began in March.
Of the 613 properties passed under the hammer, 70.9% were successfully sold. While the auction volume remained significantly lower than that in the same week last year, the share of sales was higher over the weekend.
[Sydney9002] Sydney remained the busiest market, with a total auction volume of 319 houses. The city also recorded the highest success rate with 77.9%.
Melbourne was the second most active market, 72% of the 160 successful auctions.
"A year ago, customs clearance rates were lower in the two largest capitals, reaching around 60% at the start. However, volumes were considerably higher in both cities," said l & # 39; CoreLogic analyst Jade Harling.
Among the small markets, Canberra was head and shoulders above the others. The capital hosted 61 auctions and reported a liquidation rate of 73.2%.
"Since it has been a few weeks since the ban on auctions and on-site inspections has been lifted, agents and sellers have had a chance to start implementing marketing campaigns, and we're likely to see volumes gradually increase every week, "said Harling.
Leanne Pilkington, President of the Real Estate Institute of New South Wales (REINSW), said that recent auction market figures, particularly from Sydney, indicate signs of confidence on the part of potential buyers. Sydney has always reported high clearance rates, leading seven of the past eight weeks.
“The member agents and the auctioneers of REINSW indicate that the properties comfortably exceed their reserve. As we know, when demand exceeds supply, property prices don't tend to go down, "she said.
However, Pilkington said the vendors were still testing the waters due to the uncertainties caused by the COVID-19 epidemic.
"Lack of stock may well be a problem for the market as buyers are still eager to buy. Hopefully that will change once the suppliers understand that the world has not collapsed, "she said. "The property is an acquisition of long-term assets; it cannot be integrated into the volatility of the equity market. We can't predict what will happen in the housing market in six months, but the data makes it clear, it's not collapsing around us right now. »
Main suburbs:
redcliffe
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rooted hill
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superior kedron
,
west wodonga
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