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Auction volumes and preliminary clearance rates have both fallen compared to the previous week.
CoreLogic’s latest Property Market Indicator Summary showed that 1,478 properties were auctioned off during the week ending 14 July 2024, a moderate drop from the 1,776 auctions held in the week ending 7 July 2024.
This decreased activity did not push up the success rate, with last week’s preliminary clearance rate of 71 per cent registering as a 3.7 percentage point drop from the previous week’s early rate of 74.7 per cent.
Melbourne’s 609 homes that went under the hammer returned a preliminary clearance rate of 73 per cent, marking a 2.8 percentage point increase from the previous week’s 70.2 per cent – the city’s second strongest early rate recorded so far in 2024.
Sydney’s 547 homes taken to auction returned a preliminary clearance rate of 68.9 per cent, falling 7.8 percentage points lower than the 76.7 per cent recorded the week prior.
Across the smaller capital cities, Brisbane’s 149 properties registered a preliminary clearance rate of 63.5 per cent, a steep decline from the previous week’s 78.9 per cent.
Adelaide’s 111 homes up for auction returned a preliminary clearance rate of 84.9 per cent, holding steady from 84.8 per cent the week prior.
Canberra’s early rate also held relatively stable, with last week’s 49 properties returning a preliminary clearance rate of 64.5 per cent, a minute increase from the previous week’s 64.3 per cent.
In Perth, results from nine of the city’s 11 auctions had been reported, five of which were successful.
In Tasmania, two auctions took place, with one property reported as having sold.
Looking towards the week ending 21 July 2024, CoreLogic is expecting auction volumes to rebound, with nearly 1,800 homes scheduled for auction.
