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Volumes are high but buyers are active, with last week’s results putting a stop to the downward slide of preliminary clearance rates.
According to CoreLogic, the preliminary auction clearance rate came in at 65.8 per cent across the combined capitals for the week ending 10 November. This marks a 2.4 per cent increase from the previous week but below the average of 67.1 per cent throughout spring to date.
There were 2,820 auctions held last week, making it the second-biggest week for auctions held through the spring season to date and the fifth-largest of 2024 so far.
Melbourne hosted the most auctions last week with 1,293 homes going under the hammer, making it the third-biggest spring week for auctions in the city. Of these auctions, 66.5 per cent recorded a successful result based on the preliminary data collection, increasing from 62.4 per cent over the previous week and not far off the spring season average of 66.4 per cent.
In Sydney, 1,073 auctions hit the block, positioning it as the third-busiest auction week of the year to date. In the NSW capital, 68.2 per cent of auctions found buyers based on preliminary numbers, rising from 65.5 per cent of the prior week and landing only slightly below the spring season average of 68.4 per cent. Sydney’s preliminary auction clearance rate has come in below the 70 per cent mark for six of the past seven weeks.
In the smaller capitals, Brisbane saw the most homes up for auction with 175 homes going under the hammer, however, this was the weakest weekly volume in five weeks. In Brisbane, 52.2 per cent of auctions have been reported as successful so far, increasing from the previous week’s 52.3 per cent but below the spring-to-date average of 57.4 per cent.
Adelaide saw 160 live sale events, with 70.1 per cent sold so far. Staying consistent with last week’s figures, the ACT held 94 auctions, with a dropped preliminary clearance rate of 45.2 per cent, recorded as the lowest preliminary clearance rate since the early stages of the pandemic in April 2020.
Last week, Perth increased from 15 auctions to 22 auctions with a 53.8 per cent selling based on current data.
This week is expected to see over 2,900 auctions go under the hammer before reducing to around 2,550 the week after.
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