Sydney continued to report solid attendance in its auction markets this weekend, despite entering its 12th week of closing.
CoreLogic’s latest weekly market update showed Sydney hosted 668 auctions, yielding an 83.8% clearance rate.
Sydney has maintained a clearance rate of over 80% for seven consecutive weeks.
1,591 auctions were held in all capitals. This was slightly higher than last weekend’s 1,535.
The share of homes that went on sale also improved from 67.3% in the previous weekend to 72.3%.
The improvement can be attributed to lower admission rates in Melbourne.
Over the weekend, only 43% of the city’s auctions were withdrawn.
In total, Melbourne reported 510 auctions, generating a clearance rate of 54.4%, the highest since mid-August.
Eliza Owen, CoreLogic’s head of research, said recent auction results show how busy Sydney has been amid lockdown conditions compared to Melbourne.
“Melbourne’s low clearance rate is largely due to the proportion of properties that are being withdrawn from the auction altogether, amid a relatively high number of auctions planned before the closures,” said Ms Owen.
Melbourne’s high admission rate can be attributed to the ban on private inspections, which the city is proposing to lift once Victoria has reached its vaccination target.
In smaller cities, Adelaide registered the most robust numbers, with 88.1% of 160 auctions selling.
Meanwhile, there was a slight dip in Brisbane’s success rate, which fell to 68% from 78.8% in the previous week.
Top Suburbs: North Epping, West Wodonga, Darlington, Upper Kedron, Wallend
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