Buyers give vote of confidence to the property market

6 November 2020 · General news

Australians are showing more confidence in the property market, new auction figures have revealed.
There were 14,216 auctions held in the capital cities during the September quarter, according to CoreLogic. That was up from 13,783 in the June quarter.
The clearance rate (the percentage of properties put up for auction that actually sold) also rose, from 47.9% in the June quarter to 59.2% in the September quarter.
The clearance rate statistics from the different markets were:
  • Canberra = 78.8% from 746 auctions
  • Tasmania = 64.3% from 14 auctions
  • Sydney = 63.1% from 8,147 auctions
  • Adelaide = 62.2% from 734 auctions
  • Melbourne = 51.0% from 3,320 auctions
  • Brisbane = 44.5% from 1,057 auctions
  • Perth = 28.6% from 198 auctions
Why did the auction statistics improve in the September quarter? It probably reflects growing consumer confidence, with Australia increasingly getting on top of the coronavirus problem.