Sydney auction unfazed by recent COVID-19 outbreak

Sydney’s auction market remained unaffected by the recent COVID-19 outbreak in New South Wales, according to the latest report from CoreLogic.

Over the past weekend, Sydney hosted 1,174 auctions, which returned a preliminary clearance rate of 82.6%. Sydney had the busiest week for auctions over the weekend in terms, with both its auction volume and clearance rate outpacing those of other capital cities.

Auction activity in Melbourne remained lacklustre relative to its recent highs. The city hosted 786 auctions over the weekend, down from the originally scheduled 935. The city posted a 71.5% success rate. However, it is worth noting that of the results collected for Melbourne so far, 38.1% were sold prior to auction.

Across smaller markets, Brisbane registered the highest level of activity with 186 auctions. It was also the most successful, with clearance rate hitting 79.1%.

Overall, 2,418 homes were taken to auction across the combined capital cities, lower than the 2,610 auctions predicted for the weekend. Of all auctions during the weekend, 77.8% went into sale.

The table below shows the performance of each capital city auction market:

From AustralianBroker

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