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While auction volumes increased over the week ending 15 September 2024, the preliminary clearance rate dropped.
CoreLogic’s latest Property Market Indicator showed that 2,387 properties were auctioned off in the week ending 15 September 2024, marking the busiest week for auctions since the week prior to Easter this year.
With this increased activity came a decline in the success rate, with last week’s preliminary clearance rate of 69.4 per cent falling below the 70 per cent mark for the first time in six weeks.
Melbourne’s 1,114 homes that went under the hammer marked its first highest auction volume since the 1,760 homes auctioned off in the week leading into Easter this year.
But the city’s preliminary clearance rate faltered under the higher volume, with this week’s early rate of 68.5 per cent falling 2.6 percentage points from 71.1 per cent the week prior.
While Sydney’s 864 homes registered an 11.3 per cent increase on last week’s auction volume, this week’s preliminary clearance rate of 70.6 per cent dropped 2.6 percentage points from the previous week’s early rate of 73.2 per cent.
Brisbane led the smaller capital markets in terms of volume, with its 172 homes taken to auction returning a preliminary clearance rate of 64.3 per cent.
Adelaide continued to report the highest early clearance rate with its 153 auctions registering a preliminary clearance rate of 82.2 per cent.
Canberra hosted 65 auctions last week, which returned a preliminary clearance rate of 52.5 per cent.
In Perth, results from five of the city’s 15 auctions had been reported, four of which were successful.
Of the four properties auctioned in Tasmania, two were successfully sold.
Looking towards the coming weeks, CoreLogic reported that auction volumes are set to rise further, with around 2,800 homes currently scheduled for auction in the week ending 22 September 2024, before dropping back the week after due to the AFL grand final long weekend.
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