Self-isolation measures and the ban on public gatherings continued to wreak havoc on the auction market, but buyer demand remained high, particularly for reasonably priced homes , according to the latest CoreLogic market report.
Jade Harling, analyst at CoreLogic, said that strong market confidence and rising house prices had caused a big increase in planned auctions in the past two weeks. However, around 45% of the auctions were withdrawn from sale over the weekend, while 84% were sold before the event.
There would have been 3,092 auctions planned for the week. Due to withdrawals and pre-auction sales, the preliminary auction liquidation rate fell to 48%.
"A rapid change in conditions and a drop in confidence linked to the impact of COVID-19 have changed the auction landscape, with less than half of these homes selling," said Harling.
The recent preliminary success rate came behind the liquidation rate of 37.3%, the lowest final rate since 2008. This was due to the high withdrawal rate in the two largest auction markets. the capital: Sydney and Melbourne.
Read also: COVID-19 and the real estate market
In Melbourne, 1,248 houses were to go under the hammer. However, 40% of the auctions have been withdrawn from the market. In addition, 89% of successful auctions in Melbourne were sold before the auction.
The same situation occurred in Sydney, where 45% of the 1,437 planned auctions were withdrawn. Of the successful auctions, 84% were sold before the event.
Harling said the high rate of pre-auction sales indicates that buyers' demand remains high for properties at an appropriate price.
The table below shows the performance of each auction market in the capital:
Top suburbs:
superior kedron
,
sth toowoomba
,
trott park
,
mt colah
,
Torrensville
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