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A rise in the preliminary clearance rate during the first full week of spring came off the back of lower stock going under the hammer.
CoreLogic’s latest Property Market Indicator Summary showed that 2,065 properties were auctioned off in the week ending 8 September 2024, a fall from the 2,315 auctions held in the week ending 1 September 2024.
Despite this reduced auction volume, the research firm flagged it was the fourth consecutive week where more than 2,000 homes went under the hammer.
Amid this decreased activity came an uptick in the success rate, with last week’s preliminary clearance rate of 71.7 per cent nudging it above the previous week’s early rate of 70.2 per cent.
Melbourne’s 932 homes that went under the hammer represented a reduction from the 1,052 homes that went to auction last week.
The city’s preliminary clearance rate did slightly increase, with an early rate of 71.1 per cent a lift from the previous week’s 70 per cent.
Sydney’s 774 homes also registered as a decrease from the 874 homes taken to auction last week, but the preliminary clearance rate of 73.2 per cent was an increase from 71.3 per cent recorded the week prior.
Across the smaller capital cities, Brisbane’s 152 properties led in terms of auction volume, returning a preliminary clearance rate of 62.1 per cent.
Adelaide’s 146 homes taken to auction followed, registering the highest preliminary clearance rate of all cities at 80 per cent.
Canberra was home to 45 auctions last week which returned a preliminary clearance rate of 65.5 per cent.
In Perth, results from eight of the city’s 13 auctions have been reported, five of which were successful.
Across Tasmania, the results of two of the city’s three auctions have been finalised, one of which was successful.
Looking towards the coming weeks, CoreLogic reported that auction volume is set to rise, with around 2,480 homes currently scheduled for auction in the week ending 15 September 2024, and approximately 2,780 pencilled in for the following week.
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