Policies to curb the spread of COVID-19 in Australia have continued to impact auction markets, with serious sellers opting for the private treaty route, latest CoreLogic figures show.
Over the weekend, 1,848 houses were to be auctioned in capitals, a significant increase from the previous weekend which had been affected by the slowdown in Easter.
The preliminary customs clearance rate reached 39.1%, still significantly lower than the average of more than 60% before the COVID-19 epidemic. Of the properties sold, 64% were completed before the date of the auction.
"As Confidence Remains Weak and Circumstances Uncertain, Fewer Suppliers Choose Auction As Their Preferred Method Of Sale And Convert To Private Treaty Method Or Suspend Sale all together, "said Jade Harling, analyst at CoreLogic.
The trend was apparent in Sydney and Melbourne. In Sydney, 60.2% of the houses sold were cleaned before the planned auction. The same thing happened to 73.2% of the homes sold in Melbourne.
[0009002] However, withdrawals were also common. About half of the auctions planned in capitals have been withdrawn, which has lowered the liquidation rate.
"Despite the increase in volumes during the week, existing challenges around new policies prohibiting auctions and on-site inspections continue to hamper activity in the auction market" said Harling.
The table below presents the preliminary auction statistics for each capital:
Top suburbs:
alderley
,
trott park
,
lambton north
,
glendenning
,
belmont
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