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Auction volumes last week roughly equalled the week before, and the latest preliminary clearance rates indicate sales may follow the same pattern.
CoreLogic’s latest Property Market Indicator Summary showed that 2,163 properties went under the hammer for the week ending 26 May 2024, this figure falling roughly in line with the previous week’s 2,146 auctions.
Last week’s preliminary auction clearance rate of 71.5 per cent also measured as roughly level with the 71.1 per cent registered within the prior seven-day period, which revised down to 65.4 per cent when finalised.
Alongside experiencing its fourth week where more than 1,000 auctions were held, Melbourne’s 1,025 homes taken to auction registered a preliminary clearance rate of 71.2 per cent – an increase from 68.4 per cent the week prior.
Sydney’s 747 homes that went under the hammer registered a preliminary clearance rate of 72.7 per cent, this gradual decline from 74.9 per cent over the previous week continuing the easing trend that has been evident since the first week of May.
Across the smaller capital cities, Adelaide edged out as the strongest market with its 149 homes taken to auction registering a preliminary clearance rate of 78.4 per cent, a decrease from 79.8 per cent the week prior.
Brisbane’s 148 homes under the hammer saw its early clearance rate bubble just under last week’s result of 69.6 per cent – this 10-basis-point fall resulting in a preliminary clearance rate of 69.5 per cent.
Canberra’s 82 properties taken to auction returned a preliminary rate of 59.3 per cent, a slight increase on the previous week’s 57.1 per cent.
In Perth, results from five of the nine auctions had been reported, two of which were successful.
Within Tasmania, three auctions took place, with two emerging successful.
Looking towards the coming weekend, CoreLogic reported that auction volumes are expected to rise, with close to 2,400 auctions scheduled for auction.
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