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Home market clearance rate dives, rates anticipated to follow in the middle of auction ban

Home market clearance rate dives, rates anticipated to follow in the middle of auction ban

Updated.

March 30, 2020 12: 44:57

About 40 per cent of the country’s property auctions were withdrawn over the weekend as stricter social-distancing procedures announced by Prime Minister Scott Morrison to combat the coronavirus pandemic slowed down home market activity.

Key points:

  • There were 3,203 homes set up for auction throughout the combined capital cities
  • However 40 percent were pulled from the marketplace
  • The preliminary auction clearance rate dropped to 51.4 per cent

Social-distancing guidelines presented by the Federal government last week include a ban on auction gatherings and open houses, forcing representatives to rather carry out online auctions and personal sales mostly worked out by phone.

After meeting state and territory leaders on Sunday night, the Prime Minister stated the previous gathering limitation of 10 individuals had actually been cut to two

Realty agents say it will take a while for the marketplace to adjust to this brand-new r

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