- Due to the Labour Day long weekend, the number of auctions dropped significantly in Melbourne with less than 400 properties under the hammer.
- The results for Melbourne were 70%, 69%, and 75% from all three sources. The drop of rates were from long weekend and possible adverse impact from the virus outbreak.
- Sydney’s auction numbers were lower than previous week’s one as well, but still scored a 80% preliminary clearance.
- There is no double that market is in uptrend. However how much the virus outbreak will affect the property market, especially the second hand property auctions, remain unknown.
- If the virus goes beyond the control and become an epidemic issue nationally, the fear of the risk of potential infection may prevent buyers attending open for inspections and auctions, bringing more pressures on second hand properties.
- An epidemic level spread may also stop people from going to works, which also stop buyers to spend their budgets on houses.
Melbourne Weekly Auction Clearance – 29 Feb 2020
- 70% Clearance rate of 314 Auctions
- 78% Clearance rate of 1316 auctions held last week
- 51% Clearance rate of 184 auctions held this time last year
- 168 Sold at Auction
- 53 Sold before Auction
- 0 Sold after Auction
- 169 Private Sales
- 93 Passed In
- 36 Passed in Vendor Bid
- 9 Withdrawn
- 15 Postponed
- 77 No Results
- 71% Clearance for Houses
- 71% Clearance for Units
- $181M Total Auction Volume
- $112M Total Private Sales Volume
- 69% Clearance
- 49% this time last year
- 345 Listed Auctions
- 237 Reported Auctions
- 174 Sold
- 15 Withdrawn
- 63 Passed In
- $803,500 Median
- $128.2M Total Volume
- 75% Clearance rate for 256 Auction Results
- 389 Auction scheduled
- 182 Sold at Auction
- 6 Withdrawn
- 9 Sold prior to Auction
- 59 Passed In
- 0 Sold after Auction
- 971 Private Sales
Australia Weekly Auction Clearance – 07 March 2020
- This weekend is a Labour Day long weekend for Victoria. So there was significant drop on auction numbers in Melbourne, so did the auction clearance data when compared with the one in previous weekend.
- The Auction results for previous weekend have been updated and down tuned few pre cents. Today’s results were preliminary ones, which we believe will be a few per cent lower next week when more result data coming in.
- Sydney result was still on healthy level with 80% today and should be in high 70’s in the final figure.
- Though Melbourne auction numbers were much lower from last week but still more than double of the same time last year. This indicates more properties are now on the market as a more than 10% increase on yearly price change was recorded for both capital cities.
- Melbourne auction clearance was dropped below 70%. One reason was the long weekend, whilst the coronavirus outbreak might also put fears on buyers, stopping them from attending auctions and even have their purchase plans postponed.
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