Auction Update airs every Monday at 12:30 pm (Sydney time) LIVE on Facebook, Twitter and YouTube.
- Agents respond and show resilience
- Virtual auctions come to life
- Prior auction sales surge
This week was set to be the busiest week of the year with 3,203 homes scheduled for auction across the combined capital cities. With the disruption of new policies preventing on-site auctions, the auction withdrawal rate surged over the weekend, with 40 per cent of auctions pulled from the market, up from 7.5 per cent a week earlier. The high rate of withdrawals weighed on the preliminary clearance rate, which dropped to 51.4 per cent; the lowest reading since June 2019.
The surge in withdrawn auctions was anticipated, considering the rising level of uncertainty from both buyers and sellers, coupled with the shift towards remote auctions which may take some time for the market to adjust to. Considering the rapid transition to on-line auction formats, some agents reported technical challenges and connectivity issues; no doubt many of these challenges will be resolved with the benefit of more time to prepare.
Get a full rundown of results in all the capitals. Also a look inside the top sales in Sydney, Melbourne, Adelaide, Brisbane, Canberra and Perth. Kevin Brogan joins Kevin Turner to present the latest results from Core Logic.