Auction activity over the past week was further evidence
of this, with bidders across the country flocking to
auctions, both on-site and online. On the back of a
steep rise in auction numbers compared to last year,
we recorded a preliminary clearance rate of 59 per cent
which was in line with last year. On average, 4.7 bidders
registered for every auction which was also well up on
prior years.In fact last week, 90 per cent of our auctions
experienced active bidding. This is the best result in all of
2020 and far above long term averages.
The real estate activity in Melbourne over the past
week, while it was experiencing the re-implementation
of restrictions, proved again that there is no obstacle
insurmountable to Australian buyers. During the first
COVID-19 lockdown period, we saw a resilient market
with high buyer demand, however there was a significant
withdrawal of stock as vendors decided to postpone the
sale of their properties. In this second lockdown period,
there has been far less property withdrawn and much
more property on the market, yet the Victorian capital
recorded a preliminary clearance rate of 61.8 per cent
and a whopping 5.1 registered bidders on average per
auction. In fact, one auction attracted 40 registered
bidders in Preston, which is unheard of in normal times,
let alone in the middle of winter.
Overall, our Australian stock levels are now higher than
where they were last year, and are starting to approach
the higher levels of July 2018. We are experiencing a well
balanced and highly active market, given the strength of
buyers as discussed above, though there are risks in the
market ahead of us as we detail on the following pages.
We continue to ask all our customers that are considering
selling: “Why would you wait?”
Auctions with no bidding activity
30%
27.42%
24.83%
25%
22.35%
20% 20.28%
19.64%
20%
18.91%
19.28% 20.44%
16.62%
15%
13.76% 13.55%
10%
22.22%
22.61%
17.53% 17.95%
17.05%
15.46%
15.38%
14.75%
13.72%
11.76%
11.65%
10.93%
20%
9.32%
5%
0%
13 Jan 2020
27 Jan 2020
10 Feb 2020
24 Feb 2020
9 Mar 2020
23 Mar 2020
6 Apr 020
20 Apr 2020
4 May 2020
18 May 2020
1 Jun 2020
15 Jun 2020
29 Jun 2020
20 Jan 2020
3 Feb 2020
17 Feb 2020
2 Mar 2020
16 Mar 2020
30 Mar 2020
13 Apr 2020
27 Apr 2020
11 May 2020
25 May 2020
8 Jun 2020
22 Jun 2020
6 Jul 2020
13 Jul
Auctions with No Bidding Activity
5