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Auction volumes and the preliminary clearance rate saw a harsh drop as a result of the King’s Birthday long weekend occurring in six of the eight states and territories.
CoreLogic’s latest Property Market Indicator Summary showed that 1,281 properties were auctioned off during the week ending 9 June 2024, a significant drop from the previous week’s 2,380 auctions.
Less activity did not push up the success rate, with the clearance rate of 67.3 per cent marking the lowest preliminary clearance rate observed so far this year. CoreLogic also noted it was the first time that the preliminary rate has dipped below the 70 per cent mark since late last year.
Melbourne’s 468 homes taken to auction registered a preliminary clearance rate of 63.2 per cent, falling 6.2 percentage points lower than 69.4 per cent the week prior.
Sydney’s 508 homes that went under the hammer returned a preliminary clearance rate of 70.1 per cent, down from the previous week’s 71.4 per cent – and the city’s lowest preliminary clearance rate recorded so far in 2024.
Across the smaller capital cities, Brisbane led the auction market in terms of volume with its 125 properties taken to auction returning a preliminary clearance rate of 67 per cent, an increase on the previous week’s 64 per cent.
Adelaide’s 97 auctions saw the city continue its strong clearance rate streak, with last week’s preliminary clearance rate of 85 per cent marking only a slight decrease from 87.2 per cent recorded the week prior.
Canberra’s 42 homes that went under the hammer registered a preliminary rate of 52.4 per cent, a marked drop from the previous week’s rate of 81.3 per cent.
In Perth, results from eight of the 15 auctions have been reported, five of which were successful.
Within Tasmania, just one auction took place, which was unsuccessful.
Looking towards the coming week ending 16 June, CoreLogic is expecting auction volumes to bounce back, with around 2,300 homes scheduled for auction.
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