Housing markets have continued to defy sceptics, as the country’s two largest cities overcame rising Covid-19 cases and additional lockdowns to record yet another strong week of auction clearances last weekend.
Preliminary results show 76.3% of homes that went to auction cleared, with a combined 1,755 out of 2,169 properties selling across the nation’s capital cities.
Archistar chief economist Andrew Wilson says property markets continue to prove they can adapt to lockdown restrictions. “We saw another record July day on Saturday, with more than double the clearances this time last year,” he says. “Despite lockdowns, we can see agents, buyers and sellers have the mechanisms to conduct high volumes of clearances, even with restrictions.”
Elsewhere, Adelaide emerged as the country’s best-performing capital city, recording a preliminary clearance rate of 83%, while Brisbane remained “the busiest of the small capital cities”, with more than 160 auctions held during the week.