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Preliminary clearance rates across the capitals have held up even with more properties coming to market.
Last week was the second biggest auction week of the year so far, according to CoreLogic, which reported that 2,723 homes hit the block across the capitals.
The increased volume of properties up for grabs appears to be met with a similar surge in buyers, with the preliminary clearance rate coming in at 74 per cent – 1.2 percentage points higher than the previous week’s preliminary clearance rate of 72.8 per cent, which revised down to 68 per cent on final numbers.
Sydney was the only capital city to see its preliminary clearance rate fall week on week, with 74.8 per cent of auctions returning a successful result so far, down from 76.2 per cent over the previous week, which revised to 71.1 per cent on final numbers. This week’s result was the lowest preliminary clearance rate seen in the harbour city in the first three months of 2024.
The trend in clearance rates may be softening across Sydney, but vendors may want to take heart that the success rate still remains above the decade average of 72.2 per cent on the preliminary rate and 68.1 per cent on the final rate.
Melbourne’s preliminary clearance rate jumped up, rising to 72.4 per cent, after the previous week’s long weekend saw the preliminary clearance rate drop to 66.2 per cent and 61.9 per cent on final numbers.
Last week’s early result was second highest for Melbourne this year after a mid-February frenzy that saw figures reach 73.1 per cent in the second week of the month. With 1,387 auctions held, last week also saw the second highest number of auctions held in Melbourne this year.
The smaller capitals also recorded high preliminary clearance rates, led by Adelaide’s impressive 92.6 per cent. The South Australian capital saw 159 homes go under the hammer.
Brisbane’s clearance rate came in at 71.9 per cent for 181 auctions, while Canberra’s preliminary clearance rate came in at 69.9 per cent for 110 in Canberra homes.
Perth saw 19 homes search for buyers, with four in eight returning successful results and the rest not yet reported.
The week ahead will test the supply and demand dynamics, with a huge 3,400 homes slated to go to auction before Easter slows things down. If the scheduled volume of auctions holds at this level, this week will be the largest volume of auctions held since the week prior to Easter in April 2022.
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