This weekend’s auction results Saturday May 23rd – clearance rates hold up despite corona virus fears

Low volumes at weekend auctions remain the order of the day.

This was the third weekend for Sydney holding kerbside auctions and the second for Melbourne.

The preliminary auction clearance rates are reported below, however at the moment in this time of market flux the exact figures are meaningless, and more important is the market trends.

The good news is there is still strong demand for well located properties at a time of low supply and many of the deals are still being done before auction time.

However, given very low market activity levels, it’s really pointless trying to make much of these statistics yet.

We’ll have to wait a few more weeks to see the trends.

Then we’ll have to wait a few more months to see the real impact of the lockdowns, unemployment, lack of immigration and business closures on our property markets.

Here are the preliminary auction clearance rates as reported by Domain 

As always these will be lower by mid week when all the auction results not yet reported will be taken into account

 

The following chart from Dr Shane Oliver of AMP Capital shows the long term trends for auctions in our 2 big capital cities

Melbourne real estate auction results

The preliminary auction clearance rate for Melbourne as reported by Domain was 70.1% with 102 properties put to auction, up form the 82 properties listed for auction last weekend.

But remember before Covid-19 Melbourne would have over 1,000 properties auctioned each weekend.

Melbourne seller who’s properties went to auction, would have scheduled these sales prior to loosening up restrictions and clearly there is sufficient  buyer depth to soak up the properties put up for sale.

So far only 72 results have been reported and only 5 properties were withdrawn from sale.

The unreported rate means the final clearance rate is likely to drop to the mid to high to mid 6o%’s.

Realestate.com.au reported that there were also 752 private sales in Melbourne this week.

A year ago in 2019 the Melbourne auction clearance rate was 57.2% and 938 properties were listed for sale by auction.

The following chart from Dr. Andrew Wilson of  My Housing Market clearly shows how things have changed in the Melbourne property market this year.

 

Sydney real estate auction results

The preliminary auction clearance rate for Sydney as reported by Domain was 66.8% with 247 properties put to auction, up from the 152 properties listed for auction last weekend.

But remember before Covid-19 Sydney would easily have had 4 times that number of properties auctioned each weekend.

So far only 168 results have been reported and only 19 properties were withdrawn from sale.

The unreported rate means the final clearance rate is likely to drop to the low 6o%’s.

Realestate.com.au reported that there were also 1,092 private sales in Sydney this week.

A year ago in 2019 the Sydney auction clearance rate was 5.65% and 589 properties were listed for sale by auction.

The following chart from Dr. Andrew Wilson of  My Housing Market clearly shows how things have changed in the Sydney property market.

 

Comments by Dr. Andrew Wilson

Auction Clearance Rates Look OK – But…….

This weekend’s auction clearance rates continue to point to a reasonable market for sellers but significant questions remain as to wider ramification for results given issues over methodology and very low numbers of listings.

Sydney however continues to appeal as the leading market -given all of the above.

Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on

If you’re wondering what will happen to property in 2020–2021 you are not alone.

You can trust the team at Metropole to provide you with direction, guidance and results.

In challenging times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s what you exactly what you get from the multi award winning team at Metropole.

If you’re looking at buying your next home or investment property here’s 4 ways we can help you:

1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now!  This will give you direction, results and more certainty. Click here to learn more
2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
4. Property Management – Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.

NOW READ:

Coronavirus crisis: I have no idea what will happen to property prices!

Brisbane property market – how will Coronavirus affect it?

 

 

from Property UpdateProperty Update https://propertyupdate.com.au/this-weekends-auction-results-what-happened-in-sydney-melbourne-brisbane-adelaide-canberra/