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A preliminary clearance rate of 71.1 per cent for capital city auctions over the Easter long weekend marks a stronger result than years gone by.
CoreLogic’s latest Property Market Indicator Summary for the week of Easter 2024 showed 895 homes went under the hammer. Despite being an improvement over last year’s 652 homes, it was slightly down from the record high 926 auctions held over the week of Easter 2022.
This week’s preliminary auction clearance rate held above the 70 per cent mark, measuring at 71.1 per cent across the combined capitals. That was a -1.2 percentage point drop compared to the previous week’s preliminary clearance rate of 72.3 per cent.
Sydney opposed the softer trend, seeing a 1.9 per cent increase to its preliminary clearance rate of 77.8 per cent over the result of 75.9 per cent the week prior.
Melbourne, however, saw a drop to below the 70 per cent mark, reporting a preliminary clearance rate of 63 per cent – the lowest early clearance rate since the week ending 5 November last year.
Across the smaller capital cities, Brisbane reported 98 homes taken to auction with a 67.1 per cent preliminary clearance rate.
Adelaide saw 59 homes up for auction and recorded the highest preliminary clearance rate of 78.8 per cent, while Canberra’s 45 auctions led to a 61.5 per cent preliminary clearance rate.
Across Perth’s three auctions, just one was reported to have been successful, while no auctions were reported to have been held in Tasmania last week.
Looking towards the coming weekend, CoreLogic reported that auction volumes are set to increase with just over 2,000 homes scheduled for auction.
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