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While auction volume rose last week, the preliminary clearance rate remained at an effective standstill from the week prior.
CoreLogic’s latest Property Market Indicator Summary showed that 1,727 properties were auctioned off during the week ending 21 July 2024, a measurable 14.2 per cent increase on the 1,478 auctions held in the week ending 14 July 2024.
With this increased activity came a minute 0.10 percentage point increase in the success rate, with last week’s preliminary clearance rate of 71.1 per cent nudging it just above the 71 per cent preliminary clearance rate recorded the week prior.
Melbourne’s 734 homes that went under the hammer returned a preliminary clearance rate which once again fell below the 70 per cent mark to 66.9 per cent – the city’s lowest early rate since the week ending 9 June.
Sydney’s 595 homes taken to auction resulted in a strong early rate that pushed the city over the 70 per cent mark to 74.6 per cent, a marked increase on 68.9 per cent the week prior.
Across the smaller capital cities, Brisbane’s 210 homes up for auction registered a preliminary clearance rate of 73.3 per cent, a significant increase from 63.5 per cent the week prior.
Adelaide’s 137 properties that went under the hammer returned a preliminary clearance rate of 76.6 per cent, a drop from the previous week’s 84.9 per cent.
Canberra’s early rate also incurred a minor decline, with the 41 properties up for auction returning a preliminary clearance rate of 60 per cent, a decrease from 64.5 per cent the week prior.
In Perth, results from five of the city’s nine auctions have been reported, all five of which were successful.
Across Tasmania, no properties were taken to auction in the week ending 21 July 2024.
Looking towards the coming weeks, and the conclusion of school holidays the country over, CoreLogic has highlighted that auction volumes are expected to rise to around 2,000.
