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While auction volume fell last week, the preliminary clearance rate has increased compared to the week ending 30 June 2024.
CoreLogic’s latest Property Market Indicator Summary showed that 1,747 properties were auctioned off during the week ending 7 July 2024 – this volume marking the lowest number of auctions since the King’s Birthday long weekend in mid-June.
With this reduced activity came a higher success rate, with last week’s preliminary clearance rate of 74.7 per cent registering as the highest early result since the 75.9 per cent recorded in the first week of April.
Melbourne’s 658 homes taken to auction returned a preliminary clearance rate of 70.2 per cent, marking a 2 percentage point increase from the previous week’s 68.2 per cent.
Sydney’s 756 homes that went under the hammer registered a preliminary clearance rate of 76.7 per cent, rising 4.7 percentage points higher than 72 per cent the week prior.
Across the smaller capital cities, Adelaide led the auction market in terms of volume with its 145 properties taken to auction returning a preliminary clearance rate of 84.8 per cent, a moderate increase from the previous week’s early rate of 82 per cent.
Brisbane’s 134 homes registered a preliminary clearance rate of 78.9 per cent, marking a measurable increase from the previous week’s early count of 62.9 per cent.
Notably, Canberra’s early rate bucked the positive trend, with last week’s 43 homes returning a preliminary clearance rate of 64.3 per cent, a slight decrease from the previous week’s early rate of 65.9 per cent.
In Perth, results from seven of the city’s 11 auctions have been reported – four of which were successful.
Across Tasmania, no properties were reported to have been taken to auction in the week ending 7 July 2024.
Looking towards the coming fortnight, CoreLogic is expecting auction volumes to fall before bouncing back, with around 1,500 homes scheduled for auction in the week ending 14 July 2024, and around 1,700 auctions currently pencilled in for the following week.
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