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Auction volumes may have dropped compared to the week ending 14 April 2024, but a preliminary clearance rate of 74.4 per cent marks an increase over last week’s result.
CoreLogic’s latest Property Market Indicator Summary for the week ending 21 April 2024 showed 1,888 homes went under the hammer.
Although this figure falls just short of the previous week’s 1,952 auctions, this week’s preliminary auction clearance rate increased, measuring in at 74.4 per cent – a rise of 1.7 percentage point compared to the previous week’s preliminary clearance rate of 72.7 per cent.
Melbourne once more hosted the most auctions last week, with 877 homes taken to auction measuring a preliminary clearance rate of 72.7 per cent, a 1.9 percentage point increase from 70.8 per cent the week prior.
Sydney’s 613 homes that went under the hammer returned a preliminary clearance rate of 73.8 per cent, a 0.5 percentage point decrease from the 74.3 per cent recorded the week prior.
Across the smaller capital cities, Adelaide maintained its status as the strongest market with a preliminary clearance rate of 86.5 per cent but still registered a 1.3 percentage point fall from 87.8 the week prior.
In Brisbane, a preliminary clearance rate of 75 per cent was recorded, a 2 per cent decrease over last week’s 77 per cent.
Canberra this week returned a preliminary rate of 67.7 per cent, a measurable rise of 9.1 percentage points over last week’s outcome of 58.6 per cent.
In Perth, results from six of the nine auctions have been reported, four of which were successful.
Within Tasmania, two auctions took place, with one emerging successful while the other result is yet to be reported.
Looking towards the coming weekend, CoreLogic reported that auction volumes are scheduled to experience a slight increase, with 1,900 homes expected to be auctioned across the combined capital cities.
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