Business
Sydney auctions: Clearance rate improves slightly but market wary of more restrictions – Domain News
The number of properties selling before auction, rather than under the hammer, is on rise across Sydney amid fears of further coronavirus-forced restrictions and tough bidding.
Sydneys auction clearance rate improved slightly at the weekend the market so far unhindered by the news the growing coronavirus crisis in Melbourne had another ban on public auctions introduced late last week but effects of economic jitters are present.
On Saturday, Sydneys preliminary clearance rate was 64.3 per cent, jumping from last weeks 62.1 per cent, after 452 scheduled auctions and 255 reported results. It included 67 auctions withdrawn across the city.
While buyers are still bidding, agents report a push to buy before auction in an attempt to avoid competition under the hammer. At the weekend, 111 properties sold prior.
Domain senior research analyst Nicola Powell said vendors could be more willing to do so in case of tighter auction restrictions in Sydney.
Nobody wants to go into a secondary lockdown
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