Auction markets strike solid results despite lockdowns

by Gerv Tacadena03 Aug 2021

Capital-city auction markets reported solid results over the weekend, with success rates rising amid the improvement in auction volume, according to the latest report from CoreLogic.

Auction markets hosted 1,806 auctions over the weekend, returning a preliminary clearance rate of 79.2%.

Sydney registered the highest level of activity with 685 auctions. Of these, 80.8% turned into a sale.

"Sydney has remained rather resilient despite the prolonged lockdown currently faced. The city has seen over 500 properties taken to auction each week," said Jade Harling, an analyst at CoreLogic.

The New South Wales capital posted better volume and clearance rates results than Melbourne, which hosted 679 auctions and recorded a clearance rate of 77.1%.

Across smaller markets, Canberra hit the highest clearance rates a 92.1% for 121 auctions.

In terms of dwelling type, houses drove the overall lift in volume. During the week, 1,421 houses were put into auction, of which 81.6% turned into a sale.

On the other hand, only 385 units went under the hammer during the same period. The unit segment reported a clearance rate of 69.4%.

The table from CoreLogic below show the performance of each capital-city auction markets.

Capital cities reported solid auction results over the previous weekend.