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Auction volumes considerably increased last week, and the latest preliminary clearance rates indicate successful sales may follow the same pattern.
CoreLogic’s latest Property Market Indicator Summary showed that 2,232 properties were auctioned off during the week ending 16 June 2024, a significant increase on the 1,317 auctions held the week ending 9 June 2024.
In addition to this increased activity, last week’s preliminary clearance rate of 72.9 per cent also marked the strongest early result since the 73.5 per cent observed in the first week of May.
Melbourne’s 1,054 homes that went under the hammer more than doubled the previous week’s 488 auctions and returned a preliminary clearance rate of 70.2 per cent, the city’s highest early clearance rate since the last week of May.
Sydney’s 795 homes taken to auction represented a measurable increase on the previous week’s 523 auctions and registered a preliminary clearance rate of 75 per cent, the city’s highest early rate since the week ending 12 May.
Across the smaller capital cities, Brisbane led the auction market in terms of volume with its 193 auctions returning a preliminary clearance rate of 68.9 per cent, a slight increase on the previous week’s preliminary count of 67 per cent.
Adelaide’s 118 properties taken to auction saw its clearance rate continue to climb higher, with last week’s preliminary clearance rate of 88.9 per cent marking a notable increase on the preliminary rate of 85 per cent recorded the week prior.
Canberra’s 55 homes that went under the hammer returned a preliminary rate of 73.3 per cent, a sizeable increase on the previous week’s preliminary rate of 52.4 per cent.
In Perth, results from nine of the city’s 15 auctions have been reported – eight of which were successful.
Looking into Tasmania’s two auctions, one home was successfully sold while the result of the other auction has not yet been reported.
