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A preliminary clearance rate of 72.3 per cent of capital city auctions recorded in the week ending 24 March 2024 marks a steady decrease ahead of the Easter long weekend.
CoreLogic’s latest Property Market Indicator Summary for the week ending 24 March 2024 showed that clearance rates were down slightly ahead of the Easter long weekend.
This week’s preliminary clearance rate came in at 72.3 per cent, a 1.7 percentage point drop compared to the previous week’s preliminary clearance rate of 74 per cent.
Sydney registered a slight improvement within its own preliminary clearance rate, with the city’s preliminary clearance rate up 1.9 per cent to 75.9 per cent from the week prior, when it was 74.87 per cent.
Notably, the 1,176 homes taken to auction across the city had rendered last week Sydney’s busiest auction week since the week prior to Easter 2022.
Melbourne’s preliminary clearance rate dropped below the 70 per cent mark for the second time this year, falling 3 whole percentage points from 72.4 per cent last week down to 69.4 this week off the back of 1,636 auctions.
Among the smaller capital cities, Brisbane reported 242 homes taken to auction with a 71.2 per cent preliminary clearance rate.
Adelaide saw 185 homes up for auction and recorded the highest preliminary clearance rate of 79.4 per cent among the smaller capital cities, while Canberra’s 102 auctions led to a 71.6 per cent preliminary clearance rate.
Across Perth’s 14 auctions, 50 per cent reported to have been successful, while the one auction scheduled to take place in Tasmania was withdrawn.
Looking towards the coming weekend, CoreLogic reported that auction volumes are set to drop as a result of the Easter long weekend across four of Australia’s eight states and territories. Interestingly, the 900 capital city homes scheduled for auction next week represent an increase of Easter 2023’s turnout of 652 auctions, but still constitute a minute decrease from Easter 2022’s 926 auctions.
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