Clearance rates in the property market normally start to taper off once the spring market comes to a close. But it’s 2020 so nothing is behaving normally, and the rebounding housing market is just another example.

Clearance rates are not winding down, as the market continues to absorb pent-up demand.

Melbourne’s clearance rate was 77.1% from 632 listings, and Sydney’s was 76.2% from 807 listings. Brisbane’s clearance rate was also reasonably high, at 59.74%.

Clearance rates are high because consumer confidence is also high. Cities are reopening, the economic outlook is looking positive, interest rates are low, and there’s also a little bit of FOMO pushing buyers to auctions.

But not everywhere is recovering to the same extent. Outer suburbs and detached homes are the clear winners, while buyers are still skittish about inner-city apartments.

COVID has left its mark on consumer housing requirements, and the property industry will need to adapt to meet these changed demands.