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Australia’s 2024 property market proves promising after last week’s auction rate set the standard for the year ahead.
CoreLogic stated that auction markets are “starting the year on a strong footing”.
The research firm’s data revealed that the week ending 4 February 2024 was “the second-biggest start to the auction season since CoreLogic auction records commenced in 2008”.
This is a 26.4 per cent increase to this time last year, when 1,322 auctions took place.
It sits only behind the first week of February in 2022, when 1,779 auctions took place across Australia.
The week’s combined preliminary clearance rate of 73.9 per cent has provided the industry with an early glimmer of 2024. Following months of the low to mid-60 per cent clearance rates, this week’s preliminary clearance rate is the highest it has been since the week ending 20 August 2023, when it hit 74 per cent.
Melbourne saw the highest number of auctions last week, with 603 homes going under the hammer. That marked a 46 per cent increase from the previous year (413 auctions). The city saw its highest preliminary clearance rate since early October 2023, with a preliminary success rate of 71.9 per cent.
Sydney came in second for volumes with 562 auctions. The capital of NSW reported a preliminary clearance rate of 76.3 per cent, which CoreLogic noted was the city’s highest preliminary result since the week ending 20 July 2023.
Looking into the smaller capitals, Canberra recorded the highest preliminary clearance rate of all cities at 80 per cent, although this came from just 132 auctions.
Adelaide recorded a preliminary clearance rate of 77.6 per cent off 159 auctions, while Brisbane saw 203 homes go under the hammer, leading to a preliminary clearance rate of 68.5 per cent.
In Perth, just nine auctions took place, with only one of three results collected proving positive. One of three Tasmanian auctions proved successful.
Reflecting on the results, CoreLogic stated that the next few weeks “should provide further guidance on whether this strong result is simply some early-year exuberance or a trend that can persist”.
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