In Melbourne, all 9 sub-regions saw a fall in auction volumes when compared to the previous quarter.
The Inner region was the busiest spot for auctions over the quarter (1,790), followed by the North East (1,207), and the Inner South (1,199).
The Mornington Peninsula was the best performing sub-region in terms of clearance rates (75.4 per cent), followed by the Inner South (69.1 per cent) and the Outer East sub-regions (68.9 per cent).
Overall, Melbourne’s clearance rate was recorded at 62.8 per cent over the September quarter, down from 73.3 per cent over the previous quarter.
In terms of auction volumes, there were 9,493 homes taken to auction across the city over the 3 months to September, compared to 13,693 over the June quarter and 3,320 over the September 2020 quarter.
Melbourne’s clearance rate over the September quarter was heavily impacted by higher than usual withdrawal rates with the city back in lockdown, which prevented in-person property inspections from taking place for much of this period.
Looking at Melbourne’s weekly auction results, the w/e 29th August saw 61.6 per cent of auctions reported as withdrawn, dragging the clearance rate down to 35.9 per cent, however now that restrictions have begun to ease, the withdrawal rate is falling.
Over the final week of the quarter (w/e 26th September) 17.2 per cent of reported auctions were withdrawn, and a final clearance rate of 75.7 per cent was recorded.
About Eliza Owen
Eliza is head Of Residential Research Australia for Corelogic and a respected property market commentator.
Eliza holds a first class honours degree in economics from the University of Sydney