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Auction volume and the preliminary clearance rate alike have decreased compared to the week ending 5 May 2024.
CoreLogic’s latest Property Market Indicator Summary for the week ending 12 May 2024 showed 2,168 properties went under the hammer.
In addition to this figure falling just short of the previous week’s 2,202 auctions, this week’s preliminary auction clearance rate also decreased, measuring in at 72.6 per cent, the lowest rate observed since the Easter long weekend.
The decreased performance of the two largest auction markets of Melbourne and Sydney were described by CoreLogic as heavily contributing to last week’s diminished results.
Last week Melbourne hosted the most auctions, its 1,066 homes taken to auction measuring a preliminary clearance rate of 68 per cent, a decrease from 71 per cent the week prior.
Sydney’s 753 homes that went under the hammer returned a preliminary clearance rate of 75.9 per cent, a decrease from the 78.1 per cent recorded the week prior.
In comparison to the weaker performance of the larger capitals, the smaller capitals saw their auction markets strengthen considerably last week.
Adelaide continued its lead as the strongest market with its 115 homes taken to auction registering a preliminary clearance rate of 91.7 per cent, a resounding increase over last week’s 79.2 per cent and the second highest clearance rate result for Adelaide this year.
Brisbane’s 152 homes under the hammer saw its early clearance rate rise last week, registering a result of 76.7 per cent.
Canberra’s 69 properties taken to auction returned a preliminary rate of 71.4 per cent, this result seeing the territory break the 70 per cent mark for the first time since before Easter.
In Perth, results from 8 of the 11 auctions have been reported, four of which were successful.
Within Tasmania, the results of the two auctions that took place within the state have yet to be reported.
Looking towards the coming weekend, CoreLogic reported that auction volumes are expected to be largely similar to the week just gone, with around 2,100 homes scheduled for auction.
