Determined house hunters have continued to indulge in spirited bidding at auctions, resulting in strong clearance rates and showing property buyers are generally unconcerned about the coronavirus.
CoreLogic’s national auction commentator Kevin Brogan says: “The strong clearance rates are clearly telling us that people are still actively participating in the market.”
Sydney performed strongly, returning a clearance rate of 83% from 811 auctions. The previous week Sydney held a higher number of auctions (1,087) and returned a lower clearance rate of 77%.
Canberra had an 83% success rate against 24 properties sold at auction.
Brisbane’s auction rate was low at 52%, though 1,005 properties were sold privately.
“Whenever there is stock market volatility or other things going on in the economy, people run back to real estate because they know money tends to be safe in good blue-chip real estate … and with low interest rates, people can see money is cheap and readily available,” says Upper North Shore agent David Walker.