Auction Clearance Rates Drop As The Market Adjusts To New Policies Banning On-site Auctions

This week was set to be the busiest week of the year with 3,203 homes scheduled for auction across the combined capital cities.  With the disruption of new policies preventing on-site auctions, the auction withdrawal rate surged over the weekend, with 40 per cent of auctions pulled from the market, up from 7.5 per cent a week earlier. The high rate of withdrawals weighed on the preliminary clearance rate, which dropped to 51.4 per cent; the lowest reading since June 2019. Over the previous…