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Auction volumes and preliminary clearance rates both decreased this week compared to the week prior.
CoreLogic’s latest Property Market Indicator Summary showed that 2,001 properties were auctioned off during the week ending 30 June 2024, a slight drop from the 2,150 auctions held in the week ending 23 June 2024.
This reduction in activity did not push up the success rate, with last week’s preliminary clearance rate of 70 per cent registering as a 2.4 percentage point drop from the previous week’s early rate of 72.4 per cent.
Melbourne’s 862 homes that went under the hammer registered a preliminary clearance rate of 68.2 per cent, falling 4.7 percentage points lower than 72.9 the week prior.
Sydney’s 767 homes taken to auction returned a preliminary clearance rate of 72 per cent, marking a 1.3 percentage point increase from the previous week’s 70.7 per cent.
Across the smaller capital cities, Brisbane led the auction market in terms of volume with its 159 properties taken to auction registering a preliminary clearance rate of 62.9 per cent – the city’s lowest early rate recorded so far in 2024.
Although Adelaide’s 145 auctions returned a strong clearance rate of 82 per cent, this result nonetheless marks the city’s lowest preliminary rate since the last week of May.
Canberra’s 62 homes registered a preliminary rate of 65.9 per cent, a measurable decrease from the previous week’s early rate of 76.5 per cent.
In Perth’s four auctions, one home was successfully sold.
Across Tasmania’s two auctions, no properties were reported to have been sold.
Looking towards the coming week, CoreLogic has advised that the “winter slowdown” in volume activity is underway, with around 1,800 homes scheduled for auction in the week ending 7 June 2024, and just under 1,600 auctions currently pencilled in for the week after next.
