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Auction volumes and preliminary clearance rates have both increased from the week prior.
CoreLogic’s latest Property Market Indicator Summary showed that 1,930 properties were auctioned off during the week ending 28 July 2024.
The rise in auctions marks the largest volume seen since the 2,030 auctions held during the last week of June 2024.
With this increased activity came an uptick in the success rate, with last week’s preliminary clearance rate of 72.2 per cent registering as a 1.1 percentage point increase from the previous week’s early rate of 71.1 per cent.
Melbourne’s 840 homes that went under the hammer returned a preliminary clearance rate which pushed above the 70 per cent mark to 69.8 per cent, a step up from 66.9 per cent the week prior.
Sydney’s 711 homes taken to auction returned a preliminary clearance rate of 76.5 per cent, a moderate increase from the previous week’s 74.6 per cent.
Across the smaller capital cities, Brisbane’s 202 homes up for auction registered a preliminary clearance rate of 61.9 per cent, a measurable drop from 73.3 per cent the week prior.
Adelaide’s 127 properties returned a preliminary clearance rate of 84.8 per cent, marking a measurable increase from 76.6 per cent the week prior.
Canberra’s early rate held steady last week, with the 34 homes up for auction returning a preliminary clearance rate of 60 per cent, the same as the week before.
In Perth, results from 10 of the city’s 15 auctions have been reported, seven of which were successful.
The outcome of the one auction to take place in Tasmania has not yet been reported.
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