It was the story of two auction markets in Sydney and Melbourne – while the former recorded its busiest week since April, the latter continues to struggle with foreclosure restrictions, according to t0 CoreLogic.
Melbourne recorded its lowest auction number since May. Over the weekend, only 167 auctions took place, less than half of which turned into a sale. The city's low liquidation rate was due to the high level of withdrawals over the weekend. Meanwhile, almost 90% of the homes that have been successfully sold have been taken off the market before the auction date.
"The high withdrawal rate compared to an already low number of scheduled auctions, as well as such a high proportion of properties sold before the auction rather than under the hammer, implies that sellers are increasingly reluctant to test the market during the foreclosure period, "said Jade Harling, analyst at CoreLogic.
On the other hand, Sydney hosted 730 auctions over the weekend, which brought in a preliminary clearance rate of 74%. It was Sydney's busiest auction weekend since April.
"Unlike Melbourne, the number of auctions in Sydney has steadily increased, along with the volume of auctions this week," said Harling.
In smaller markets, Adelaide recorded the highest preliminary clearance rate at 83.9%, but Canberra reported the most active market with 79 auctions.
The table below shows the performance of the auction markets in the capital cities over the weekend:
Top suburbs:
trott park
,
Marrickville
,
Harris park
,
mt lawley
,
Alexandra Hills
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