Property market ending 2020 on a high in Australia’s big cities – despite Sydney’s Covid cluster  

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Property market ending 2020 on a high in Australia’s big cities – despite Sydney’s new Covid cluster

  • Sydney finished 2020 with a 76.6 per cent auction clearance rate despite Covid
  • Melbourne by comparison had a 71.5 per cent success rate with home bidding
  • Canberra was by far the standout performer with an 87.5 per cent clearance rate 

Australia’s property market is finishing 2020 on a high, with auction clearance rates climbing in Sydney, Melbourne and Canberra.

A Covid-19 outbreak on Sydney’s Northern Beaches – and the risk of another wave of the virus – has failed to dent the enthusiasm of home buyers with the city’s overall weekend auction clearance rate surging to 76.6 per cent in the week ending on December 20, CoreLogic data showed.

Sydney’s final tally for 2020 was better than the previous week’s 73.1 per cent result and marked a 71.1 per cent jump on the same week in 2019.

A Covid outbreak on Sydney's Northern Beaches has failed to dent the enthusiasm of home buyers with the city's overall weekend auction clearance rate surging to 76.6 per cent in the week ending on December 20, CoreLogic data showed. Pictured is a house at Roseville on the lower north shore which sold for $3.09million in a suburb only a short distance from the Northern Beaches

A Covid outbreak on Sydney’s Northern Beaches has failed to dent the enthusiasm of home buyers with the city’s overall weekend auction clearance rate surging to 76.6 per cent in the week ending on December 20, CoreLogic data showed. Pictured is a house at Roseville on the lower north shore which sold for $3.09million in a suburb only a short distance from the Northern Beaches

Australia’s biggest city, however, had fewer buyers put their home on the market, with Sydney hosting 637 auctions, following the Northern Beaches coronavirus cluster, compared with 1,043 in Melbourne. 

Melbourne saw its final auction clearance rate for 2020 edge up to 71.5 per cent from the previous week’s 69.7 per cent, in a state which had 52 days without community transmission.

Auction clearance rates

CANBERRA: 87.5 per cent 

SYDNEY: 76.6 per cent

MELBOURNE:  71.5 per cent 

ADELAIDE: 70.4 per cent 

BRISBANE: 52.9 per cent

PERTH: 28.6 per cent

Source: CoreLogic preliminary auction clearance results for the week ending December 20, 2020 

 

The Victorian capital’s final score for the year was nonetheless weaker than the 74.7 per cent result in 2019. 

Canberra was the stand-out performer with an 87.5 per cent auction clearance rate, up from the previous week’s 87.1 per cent and a dramatic surge from 63.2 per cent at the end of 2019.

Elsewhere, other state capitals experienced year-on-year improvements  in auction clearance rates.

Adelaide’s 70.4 per cent success rate was weaker than the previous week’s 72.2 per cent but it was better than the 64 per cent figure to mark the end of last year. 

Brisbane’s success rate declined to 52.9 per cent from the previous week’s 59.9 per cent.

However the Queensland capital’s result was also better than the 44.8 per cent at the end of 2019 before the COVID-19 pandemic. 

Perth bucked the trend and had a dramatic decline in fortunes, with an auction clearance rate of just 28.6 per cent to mark the end of 2020.

That was a dramatic decline from 55.3 per cent a week earlier and a very sharp plunge from 83.3 per cent a year ago.

Western Australia has much smaller volumes than Sydney or Melbourne with just 14 auctions at the weekend. 

In November, every capital city in Australia saw an increase in median house prices for the first time since the start of the Covid pandemic in March.

Auctions aren’t due to recommence in most cities until the start of February. 

Melbourne saw its final auction clearance rate for 2020 edge up to 71.5 per cent from the previous week's 69.7 per cent, in a state which had 52 days without community transmission. Pictured is an inner-city, three-bedroom house at Abbotsford that sold for $1.080million

Melbourne saw its final auction clearance rate for 2020 edge up to 71.5 per cent from the previous week’s 69.7 per cent, in a state which had 52 days without community transmission. Pictured is an inner-city, three-bedroom house at Abbotsford that sold for $1.080million

Canberra, however, was the stand-out performer with an 87.5 per cent auction clearance rate, up from the previous week's 87.1 per cent and a dramatic surge from 63.2 per cent at the end of 2019. Pictured is a house at Hughes that sold for $980,000

Canberra, however, was the stand-out performer with an 87.5 per cent auction clearance rate, up from the previous week’s 87.1 per cent and a dramatic surge from 63.2 per cent at the end of 2019. Pictured is a house at Hughes that sold for $980,000

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