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While the preliminary clearance rate faintly decreased, auction volumes instead increased in the week ending 2 June 2024.
CoreLogic’s Property Market Indicator Summary for the week ending 2 June 2024 showed 2,319 properties went under the hammer, this volume marking the highest number of auctions since the week before Easter.
The preliminary clearance rate instead slightly declined this week, with last week’s 71.4 per cent measuring 10 basis points lower than the previous week’s 71.5 per cent.
Last week Melbourne hosted the most auctions, its 1,054 homes taken to auction measuring a preliminary clearance rate of 69.4 per cent, a decrease from 71.2 per cent the week prior.
Sydney’s 894 homes that went under the hammer returned a preliminary clearance rate of 71.4 per cent, this result marking a decrease from the previous week’s 72.7 per cent and registering as Sydney’s lowest preliminary clearance rate so far this year.
Across the smaller capital cities, Adelaide came out as the strongest market, with its 151 homes under the hammer registering a preliminary clearance rate of 87.2 per cent, a sizeable increase on 78.4 per cent the week prior.
Brisbane’s 143 homes taken to auction returned a preliminary clearance rate of 64 per cent, this result notably registering as the city’s lowest preliminary clearance rate seen so far this year.
Canberra’s 66 properties under the hammer resulted in a preliminary clearance rate of 81.3 per cent, a substantial increase over the previous week’s 59.3 per cent.
In Perth, results from nine of the 11 auctions have been reported, seven of which were successful.
Within Tasmania, no auctions were reported to have taken place over the week ending 2 June 2024.
Looking towards the coming weekend, auction volumes are expected to sharply drop due to the King's Birthday long weekend occurring in six of the eight states and territories, with CoreLogic predicting around 1,300 capital city auctions will take place.
In the following week CoreLogic reported that auction volumes are expected to quickly bounce back, with around 2,275 auctions scheduled to take place.
