Melbourne saw a sharp increase in auction withdrawals over the weekend, driving the overall success rate of capital city auctions.
According to CoreLogic, over 2,245 auctions were held in capital cities over the weekend.
Half of these scheduled auctions came from Melbourne which hosted 1,185 auctions but 64.3% were withdrawn.
This brought Melbourne's liquidation rate down to 34.7%. The extension of the lockdown in Victoria could potentially continue the auction lull in the city next weekend.
Overall, Australian capitals recorded an average preliminary clearance rate of 55.4%, the lowest since April 2020. This rate is expected to decline as new results arrive.
Despite the lockdown, Sydney was the most prosperous city of the weekend with 82.7% of the 598 auctions that resulted in a sale.
However, it is interesting to note that the level of activity in the city was lower than the same period last year when 706 auctions took place.
In small markets, Adelaide was the most active, with 172 auctions and a liquidation rate of 81.3%.
Existing lockdowns also impacted the Canberra auction. It recorded a 63.2% success rate for its 112 auctions.
Real estate values ??still on the rise
During the week, house prices in four major capitals increased.
Brisbane recorded the highest weekly gain at 0.6%, followed by Adelaide (0.5%), Sydney (0.3%) and Melbourne (0.2%).
On a monthly basis, Adelaide and Brisbane recorded the highest gain at 1.8%.
In terms of housing supply, three cities saw a decline in new listings, with Canberra recording the largest annual decline at 26.1%.
There were also fewer new homes listed in Sydney (13.7%) and Hobart (3.3%).
During the same period, Melbourne saw a significant increase in new listings, up 170.2%.
New listings in Canberra have also doubled from last year.
Top Suburbs:
new castle
,
Westmead
,
artarmon
,
upper kedron
,
lalor park
Get Help With Your Real Estate Investment
Do you need help finding the right loan for your investment?
When investing in real estate it is important to make sure you have no only from the lowest possible rate, but also have the loan features to suit your needs.
Just fill out a few details below and we will then arrange for a local mortgage broker contacts you and determines the characteristics or types of loans that suit your needs. We'll even help you with the paperwork. In addition, an appointment is free.
We value your privacy and take all your information seriously – you can check
our privacy policy here
