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Despite a surge in auction volumes during the final week of the spring selling season, the combined clearance rate did not see the same growth.
CoreLogic’s latest Property Market Indicator Summary showed that 2,680 properties were auctioned off in the week ending 1 December 2024.
This activity saw 40 more auctions go under the hammer than the 2,640 properties auctioned off during the week ending 25 November 2024, and represented the eighth-highest volume of auctions held over the year to date.
With this increased activity came a significant drop in the preliminary combined capitals’ clearance rate, with last week’s preliminary clearance rate dropping to 63.4 per cent, on par with the first week of November as the lowest early rate of the year so far.
Melbourne’s 1,193 homes that went under the hammer marked an increase on the 1,161 auctions held in the previous week, and also registered as the ninth-highest volume of weekly auctions held in 2024 so far.
The city’s preliminary clearance rate faltered under the higher volume, with last week’s early rate of 64.1 per cent falling short from the previous week’s 65.2 per cent, marking the third-lowest result of the spring selling season.
While Sydney’s 1,029 auctions registered as the sixth-highest weekly volume of the year so far, last week’s preliminary clearance rate of 65.1 per cent dropped from the previous week’s early rate of 68.4 per cent, and registered as the fourth-lowest preliminary clearance rate of the year so far.
Across the smaller capital cities, Brisbane’s 175 homes led in terms of auction volume but registered a preliminary clearance rate of 52.9 per cent, marking the third-lowest preliminary auction clearance rate of the year to date.
Adelaide’s 171 homes taken to auction marked the city’s fourth-highest auction volume this year, but registered a preliminary clearance rate of 66.3 per cent, on par with the previous week as Adelaide’s lowest preliminary clearance rate of the year so far.
Canberra was home to 95 auctions last week which registered a preliminary clearance rate of 54.3 per cent.
In Perth, results from 10 of the city’s 16 auctions had been reported – five of which were successful.
Across Tasmania, the outcome of the one property taken to auction has not yet been reported.
Looking towards the coming week, CoreLogic reported that roughly 2,490 auctions are set to be held as the selling season starts to wind down. The company also highlighted that the peak volume for spring occurred relatively early this year, with volumes reaching a height of 3,135 auctions over the last week of October.
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