Coronavirus lockdown makes auction clearance rates meaningless. What’s happening to new listings? | Property Insiders [VIDEO]

It’s not fair!

Not only am I locked indoors not being able to enjoy my normal lifestyle, but now I can’t even enjoy the fun and theatre of my weekend entertainment – property auctions.

I’ve always thought auctions were a bit like watching buskers – a bit of street theatre getting a crowd all excited. The Coronavirus Sinks The Global Stock Exchanges.

But I’ve also found them a great way to buy properties, because of their transparency, and a great way to sell properties because of their immediacy – they set a deadline and all the interested buyers are herded together to give the best offer.

And of course, auctions gave a great real-time measurement of market sentiment, particularly happening in Melbourne and Sydney.

But that’s all changed hasn’t it?

Watch this week’s Property Insider video as I discuss auction clearance rate as well as the latest findings of his new listing index with Dr Andrew Wilson, chief economist of My Housing Market.

Watch as we discuss:

New listings Index


New Listing index april20

Asking prices

Another good index of “real time” property market sentiment is Asking Prices, which historically correlated well with eventual sale prices.

At the beginning of this week, asking prices rose ever so slightly in Sydney, but fell a little in all other states compared to median city asking prices seven days beforehand



More telling our asking price changes compare to the first week of March before the coronavirus lead lockdown occurred, and here you can see that Sydney median asking prices are full about 2%.



Auction clearance rates.

Currently reported auction clearance rates are generally meaningless since properties that have been withdrawn from sale are classed the same as those that have not sold or are passed in.

Obviously with open air auctions not occurring, many properties are being withdrawn from sale and being sold privately.

However, the chart below from Dr Andrew Wilson shows that the significant number of properties still were reported as sold in Melbourne and Sydney over the weekend.

This would comprise those sold prior to auction as well as those sold by digital auction


Auction clearance rates

Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on

If you’re wondering what will happen to property in 2020–2021 you are not alone.

You can trust the team at Metropole to provide you with direction, guidance and results.

In challenging times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s what you exactly what you get from the multi award winning team at Metropole.

If you’re looking at buying your next home or investment property here’s 4 ways we can help you:

  1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now!  This will give you direction, results and more certainty. Click here to learn more Metropole
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
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Coronavirus crisis: I have no idea what will happen to property prices!

Brisbane property market – how will Coronavirus affect it?


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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media. Visit

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