Majority of weekend 'auction sales' took place prior the scheduled auction

Majority of weekend 'auction sales' took place prior the scheduled auction
Majority of weekend 'auction sales' took place prior the scheduled auction

Auction volumes were up to 1,848 across the nation this weekend, according to CoreLogic, up from 634 last week.

Clearance rates however were similarly low across the nation with hundreds pulling out of auctions especially in Sydney and Melbourne.

Of the auctions scheduled 852 were withdrawn across the nation, 500 from Melbourne and 314 in Sydney, according to Domain's findings.

CoreLogic data showed preliminary clearance rates reached 40% in Sydney and Melbourne with 73.2% of the successful Melbourne auction properties actually sold prior to the scheduled auction date.

A similar showing occurred in Sydney where 60.2% were sold prior to the scheduled auction event.

Majority of weekend 'auction sales' took place prior the scheduled auction Across the smaller cities, Canberra continues to outperform the remaining capital cities with a 66.7% preliminary success rate and the lowest rate of withdrawn auctions (25%).

The existing challenges around new policies banning onsite auctions and inspections are still impeding on activity across the auction market.

As confidence remains low and circumstances uncertain, it’s expected that fewer vendors will elect auction as their preferred method of sale and either convert to private treaty method or hold off on selling all together and scheduled volumes will likely decrease over the coming weeks.

Online auctions have helped take some of this strain off but as evidenced by the 50% pullout rate, many people would rather hold their cards close to their chest than trust in online auctions and marketing.

One standout home bucked this trend attracting competition from nine registered bidders at 199 Military Road, Dover Heights (pictured in title).

Featuring sweeping Sydney City, Harbour Bridge and Opera House views, the home, which has been owned by the same family for over 60 years, sold for $3.86 million.

The winning bidder told Ray White “I’ve been looking for the perfect property for six months... I plan on moving in first and then seeking DA approval to rebuild because it offers me a great opportunity to build the property of my dreams."

The three bedroom, one bathroom property sits directly opposite Dudley Page Reserve and is close to schools, bus and ferry transport.

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Auctions Auction Volumes

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