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Auction volumes dropped last week, and preliminary clearance rates indicate that buyer interest did as well.
CoreLogic’s latest Property Market Indicator Summary showed that 2,086 properties went under the hammer for the week ending 19 May 2024.
In addition to this figure falling short of the previous week’s 2,237 auctions, the week’s preliminary auction clearance rate also decreased to 71.1 per cent compared to 72.6 per cent for the prior seven-day period, which revised down to 65.1 per cent on final numbers.
Notably, the results of this most recent week equalled the Easter long weekend as the lowest preliminary clearance rate seen in this year so far.
Despite its volume slipping below the 1,000 mark, Melbourne last week was home to the most auctions – its 967 homes taken to auction measuring a preliminary clearance rate of 68.4 per cent, a slight increase from 68 per cent the week prior.
Sydney’s 725 homes that went under the hammer registered a preliminary clearance of 74.9 per cent, an increase over the 68.7 per cent recorded the week prior.
Across the smaller capital cities, Adelaide continued its lead as the strongest market with 146 homes taken to auction registering a preliminary clearance rate of 79.8 per cent.
Brisbane’s 176 homes under the hammer saw its early clearance rate fall last week, registering a result of 69.6 per cent.
Canberra’s 66 properties taken to auction returned a preliminary rate of 57.1 per cent, this result registering as the lowest since the last week of February.
In Perth, results from three of the six auctions have been reported, one of which was successful.
Within Tasmania, no auctions were reported to have taken place over the week ending 19 May 2024.
Looking towards the coming weekend, CoreLogic reported that auction volumes are expected to rise slightly, with around 2,200 homes scheduled for auction.
