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The latest insights from CoreLogic have revealed a preliminary clearance rate of 72.8 per cent over the week ending 10 March, 2024.
Over a week where half of Australia’s states and territories had public holidays resulting in long weekends, Caitlin Fono, senior associate at CoreLogic, said the resulting success rate (off the back of a much smaller pool of auctions) was a “subtle rise” relative to the preliminary clearance rate posted one week prior, which was 71.8 per cent.
This list was driven by an increase in auction clearance rates across the smaller capitals. According to CoreLogic, outside of Sydney and Melbourne, the preliminary clearance rate was higher relative to the previous week across each capital.
Adelaide was the standout, reporting a preliminary clearance rate of 83.1 per cent off the back of 119 auctions, with 65 results collected so far.
The week prior, a total 145 auctions took place, with a 69.4 per cent preliminary clearance rate, that revised up to a final clearance rate of 73.1 per cent.
In contrast with Adelaide, the largest auction markets of Sydney and Melbourne saw “softer” outcomes.
For the first time in 2024, Melbourne’s preliminary clearance rate fell below 70 per cent, reporting a preliminary clearance rate of 66.2 per cent, off just 457 auctions.
Those numbers were likely due to the Labour Day long weekend, because the week previous saw 1,352 homes go under the hammer, leading to a 70.1 per cent preliminary clearance rate.
Sydney also saw slightly dampened success rates, despite not having a long weekend of its own.
The harbourside city reported a preliminary clearance rate of 76.2 per cent from 891 total auctions.
That was slightly down from the previous week’s preliminary clearance rate hitting 76.8 per cent, which then revised down to 73.5 per cent at final count – off the back of a similar number of auctions.
Fono flagged that preliminary clearance rates across Sydney have held above 75 per cent through the year to-date and finalised clearance rates have been consistently above 70 per cent.
Canberra saw 50 homes taken to auction, which is reporting a 69.4 per cent clearance rate, while Brisbane’s 169 homes that went under the hammer are so far showing a clearance rate of 65.9 per cent.
In Perth, five of the six homes taken to auction have so far reported successful results, while Tasmania’s one home taken to auction also found a buyer on the day.
Looking ahead, Fono expects the volume of auctions will bounce back over the coming week, highlighting that there are around 2,800 homes scheduled to go to auction over the week ending 17 March.
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