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Both auction volumes and the preliminary clearance rate have improved week-on-week.
CoreLogic’s latest Weekend Auction Market summary for the week ending 5 May 2024 showed 2,169 homes went under the hammer across the combined capital cities over the week ending 28 April 2024.
This figure represents a sizeable increase over the previous week’s 1,964 auctions.
Even with this larger volume, there was an increased preliminary auction clearance rate of 73.5 per cent – a 0.6 per cent increase on the previous week’s preliminary clearance rate of 72.9 per cent.
Melbourne once again hosted the most auctions, with its 1,026 properties taken to auction leading to a preliminary clearance rate of 71 per cent – a 1.2 percentage point increase from 69.8 per cent one week prior.
Sydney’s 750 homes taken to auction registered a preliminary clearance rate of 78.1 per cent, a slight decrease to the 78.3 per cent preliminary clearance rate recorded one week earlier.
Across the smaller capital cities, Brisbane carved out first place with a preliminary clearance rate of 68 per cent, a fall from the 71.7 per cent rate reported the week prior.
In Adelaide, a preliminary clearance rate of 84.8 per cent was recorded, an increase over last week’s 76.4 per cent.
Canberra this week returned a preliminary rate of 58 per cent, a modest decrease over last week’s 63.3 per cent.
In Perth, results from seven of the 12 auctions have been reported, four of which were successful.
Within Tasmania, the one auction that took place emerged as unsuccessful.
Looking towards the second weekend in May, CoreLogic reported that auction volumes are scheduled to see a slight increase with 2,200 homes expected to be auctioned across the combined capital cities.
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