Australian auction markets continued to report strong demand from home buyers, even with relatively low listings, according to figures from CoreLogic.
There were 882 auctions in Australian capitals over the weekend, which was lower than the 1,128 the previous weekend and the 1,533 at the same time last year. Still, the success rate remained strong at 67.5%.
The drop in auction listings was due to low turnout in Victoria, which currently prohibits on-site auctions and private inspections amid the Fourth Stage foreclosure.
Canberra reported the highest turnout of any capital city. Hosting 78 auctions over the weekend, the city achieved a 78.6% liquidation rate.
Sydney came second in terms of success rate, with 69.5% of 625 auctions turning into a sale.
Outside of Sydney, Southern Highlands is one of New South Wales & # 39; s most demanded places, said McGrath Bowral’s sales agent Dianna Reiche.
"We have a lot of buyers and not enough listings. I have 30% less listings and 50% more buyers. All of our buyers are from Sydney. They want a mix of weekends and permanent homes, ”she said. in a report published in The Real Estate Conversation.
Adelaide and Brisbane also reported strong requests to participate despite fewer auctions.
The Perth and Melbourne auction markets, on the other hand, were the worst performers. Perth has hosted 20 auctions, only five of which turned into a sale.
In Melbourne, only a third of 28 auctions resulted in a sale. This is mainly due to the auction ban and private inspections in Victoria amid the restrictions of the Fourth Stage.
The Real Estate Institute of Victoria (REIV) criticized the state government for keeping the "real estate market closed" during an uncertain time. In a statement, REIV President Leah Calnan said the government seemed to "turn a blind eye" to the importance of a property decision in people's lives.
"We are talking about shelter and the most important financial commitment of your life. The delay in authorizing private inspections means that many people will not be able to make the move that they are doing. They must so desperately make or enter a property without seeing it. This is unacceptable, "she said.
The table below shows the performance of each auction market in the capital over the weekend.
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