Login
iscover
Though auction volumes increased over the week ending 22 September, the preliminary clearance rate has fallen to the second lowest for the year.
CoreLogic’s latest Property Market Indicator showed that 2,697 properties were auctioned off in the week ending 22 September 2024, marking the busiest week for auctions since the week ahead of Easter in late March.
It was expected that high auction volumes would lead to a decline in the preliminary clearance rate, marking two consecutive weeks that the clearance rate was below 70 per cent.
At 68.2 per cent, it represented the lowest preliminary clearance rate since the week ending 9 June, a long weekend in some states and territories.
The volume of properties that went under the hammer in Melbourne rose to 1,274, marking the largest number of auctions since 1,760 homes were auctioned in the week leading to Easter.
The city’s preliminary clearance rate remained steady with the previous week at 68.3 per cent – the week ending 15 September recorded a preliminary clearance rate of 68.5, later revised down to 61.3 per cent.
Sydney likewise saw its busiest week of the year behind Easter, with 995 auctions registering a preliminary clearance rate of 70.3. This marked a slight decrease from the 70.6 per cent recorded in the week ending 15 September and 73.2 per cent the week prior.
Adelaide led the smaller capitals in auction volume, with 206 homes taken to auction returning a preliminary clearance rate of 74.6 per cent.
It was followed by Brisbane with 134 auctions and a 56.8 per cent clearance rate.
The ACT saw its lowest preliminary clearance rate this year at 48.6 per cent.
Looking ahead to the week ending 29 September 2024, CoreLogic projects that the number of auctions will decrease due to the AFL grand final. While Melbourne has 250 homes expected to go under the hammer, Sydney currently has 1,300 properties scheduled for auction.
You are not authorised to post comments.
Comments will undergo moderation before they get published.