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Combined auction clearance rate declines slightly

By Sebastian Holloman
25 June 2024 | 11 minute read
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Auction volumes and the preliminary clearance rates alike have diminished compared to the week ending 16 June 2024.

CoreLogic’s latest Property Market Indicator Summary showed that 2,074 properties were auctioned off during the week ending 23 June 2024, a slight drop from the previous week’s 2,276 auctions.

This decreased activity did not push up the success rate, with last week’s preliminary clearance rate of 72.4 per cent registering 50 basis points lower than the previous week’s early rate of 72.9 per cent.

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Melbourne’s 920 homes taken to auction represented a moderate decrease in activity on the previous week’s 1,083 auctions and registered a preliminary clearance rate of 72.9 per cent, an increase on the previous week’s preliminary count of 70.2 per cent.

Sydney’s 829 homes that went under the hammer represented a modest increase on the previous week’s 812 auctions and returned a preliminary clearance rate of 70.7 per cent, a measurable decrease from the previous week’s early clearance rate of 75 per cent.

Across the smaller capital cities, Brisbane led the auction market in terms of volume with its 131 auctions registering a preliminary clearance rate of 66 per cent, a decrease from the previous week’s early count of 68.9 per cent.

Although Adelaide’s 126 properties taken to auction still saw its clearance rate come out on top, last week’s preliminary clearance rate of 84.7 per cent marked a drop from the preliminary rate of 88.9 per cent recorded the week prior.

Canberra’s 52 homes that went under the hammer returned a preliminary clearance rate of 76.5 per cent, an increase on the previous week’s early rate of 73.3 per cent.

In Perth, results from eight of the city’s 13 auctions have been reported, six of which were successful.

Across Tasmania’s three auctions, one home was successfully sold while the results of the other two auctions have not yet been reported.

Looking towards the coming weekend, the week ending 30 June 2024, CoreLogic is expecting auction volumes to marginally drop, with around 2,060 homes scheduled for auction.

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