Melbourne’s clearance rate dips to 46 per cent after return to stage three restrictions

Melbourne’s clearance rate dips to 46 per cent after return to stage three restrictions
Melbourne’s clearance rate dips to 46 per cent after return to stage three restrictions

Melbourne’s clearance rate dipped to 46 per cent at the weekend after the return to stage three restrictions.

There were 417 scheduled auctions but just 168 results reported to Domain.

Some 149 properties were withdrawn from auction.

It was 57 per cent on the prior weekend.

The Victorian current rules end August 19.

"Melbourne’s weekend auction market tracked sharply backwards at the weekend with predictably significant withdrawals dragging down the clearance rate to its lowest point since early May," Dr Andrew Wilson at My Housing Market said. 

"Although the Melbourne market suffered dramatically from the reinstatement of the coronavirus lockdown this week, other capitals continued to perform solidly overall," he noted.

The number of properties selling before auction, rather than under the hammer, is on rise across Sydney.

Sydney’s preliminary clearance rate was 64 per cent, jumping from last week’s 62 per cent, after 452 scheduled auctions and 255 reported results.

It included 67 auctions withdrawn across the city.

The top sale was the five-bedroom, double-storey home at 3/85 Raglan Street, Mosman (pictured in title) for $4.55 million through Belle Property agent Stefan Bertram.

The dearest in Melbourne was $2,802,500 in Carlton. The 1018 Drummond Street offering was a four bedroom house. 

Tags: 
Melbourne Auctions COVID-19

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