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A preliminary clearance rate of 75.9 per cent for capital city auctions marks a sound result in the week coming out of Easter.
CoreLogic’s latest Property Market Indicator Summary for the week ending 7 April 2024 showed 1,964 homes went under the hammer. Although this registers as more than a double fold increase in activity over the previous week’s 901 auctions, it is still well below the 3,519 homes taken to auction in the week prior to Easter.
This week’s preliminary auction clearance rate recorded an increase, measuring in at 75.9 per cent across the combined capitals. That marks a jump of 4.8 percentage points compared to the previous week’s preliminary clearance rate of 71.1 per cent.
Melbourne recorded the largest increase from the Easter low, rising 7.6 percentage points to its preliminary clearance rate of 70.6 per cent from 63 per cent the week prior.
Sydney also registered a solid rise over the previous week, seeing a 3.8 percentage point increase to its preliminary clearance rate, which reached 81.6 per cent from the 77.8 per cent recorded the week prior.
Adelaide measured a preliminary clearance rate of 76.9 per cent off the back of 123 auctions, a marginal decrease of 1.9 percentage points in its success rate from last week’s preliminary clearance rate of 78.8 per cent.
In Brisbane, 123 auctions were also recorded, leading to a preliminary clearance rate of 75 per cent.
Canberra this week was the only capital city to record a preliminary clearance rate below 70 per cent, coming in at 61.8 per cent off 64 auctions.
In Perth, results from just three of nine total auctions have been reported, all of which were successful. In Tasmania, the outcome of the one auction that took place is as of yet unreported.
Looking towards the coming weekend, CoreLogic reported that auction volumes are expected to be similar to this week with around 2,000 homes scheduled for auction.
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