Melbourne lockdown hampers auction activity

by Gerv Tacadena08 Jun 2021

The extended lockdown in Melbourne has hampered the potential growth in auction activity over the weekend, latest figures from CoreLogic show.

Overall, there were only 2,691 dwellings that went under the hammer, substantially down from the prediction of 3,101.

The initial success rate for the collected results so far hit 73.5%. This, however, is likely to revise down as more results are collected.

Only 1,098 auctions pushed through in Melbourne over the weekend, down from the 1,452 auctions that were originally scheduled. The lockdown also impacted the share of successful auctions, with Melbourne's clearance rates hitting only 67.3%.

Melbourne also posted a 29.5% withdrawal rate while 59% of all dwellings sold were finalised before the auction date. These were higher than the city's average of 4.5% withdrawal rate and 26% share of sold homes prior to auction.

Given the slowdown in Melbourne, Sydney rose as the busiest city, hosting 1.171 auctions over the weekend. It was also the city with the highest clearance rate at 79.6%.

Across the smaller capital cities, Brisbane reported the highest activity with 152 auctions. The highest share of successful auctions, however, was recorded by Adelaide — 73% of its 149 auctions turned into a sale.