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ANZAC Day commemoration sees auction volumes fall

The number of auctions held across the combined capital cities fell to 431 in the week ending 26 April, down from the 1,922 scheduled in the week prior, according to CoreLogic data.

The property research group attributed the significant fall in volumes as a “likely result” of the national commemoration of ANZAC Day on Saturday, 25 April, combined with the ongoing challenges for the auction market in light of COVID-19 restrictions, such as the banning of on-site auctions and open homes.

Of the 431 auctions, 223 reported results, returning a preliminary clearance rate of 40.5 per cent, slightly up from the preliminary results seen over the last number of weeks.

Further, 44 per cent of scheduled auctions were reported as withdrawn, a slight decrease from the 50 per cent withdrawal rate seen the previous week, but still far above the long-term average of between 6 and 8 per cent on any given week.

Additionally, of the 92 properties reported as being sold over the week, 56.5 per cent achieved the result prior to the scheduled auction date.

Sydney saw the highest volume of auctions of the capital cities in the week ending 26 April, with 185 properties sent under the hammer. The NSW capital achieved a preliminary clearance rate of 56.9 per cent over the week.

Meanwhile, in Melbourne, 176 homes were taken to auction over the week, but only 18.4 per cent returned a positive result.

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Canberra achieved the highest preliminary clearance rate of all the capital cities over the week, returning a result of 85.7 per cent across its 29 auctions, while Tasmania saw no auction activity at all throughout the week.

Adelaide achieved a preliminary clearance rate of 60.0 per cent across its 10 auctions, while Perth reported a 33.3 per cent success rate over its lower volume of seven auctions.

Brisbane reported 24 auctions taking place over the week and returned a preliminary clearance rate of just 16.7 per cent.

CoreLogic noted that, due to the digital nature of auctions under current restrictions, the preliminary findings of auction results are subject to change.

“As we’ve seen over the last few weeks, the number of auction results collected at a preliminary stage are lower than usual as we seek to confirm the status of scheduled auctions, so results should be interpreted with caution,” CoreLogic stated.

[Related: Housing market ‘relatively resilient’ amid COVID-19]

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