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In the lead-up to the spring selling season, auction volumes and preliminary clearance rates have both increased.
CoreLogic’s latest Property Market Indicator Summary showed that 1,811 properties were auctioned off during the week ending 11 August 2024, a marked increase on the 1,716 auctions held in the week ending 4 August 2024.
With this increased activity came an upswing in the success rate, with last week’s preliminary clearance rate of 70.4 per cent nudging it above the previous week’s early rate of 69.2 per cent.
Melbourne’s 844 homes that went under the hammer returned a preliminary clearance rate of 69.5 per cent, a drop from the 70.4 per cent of the week prior.
Sydney’s early rate held below the 70 per cent mark for the second week running, with the city’s 632 homes up for auction returning a preliminary clearance rate of 68 per cent, down from 69.4 per cent the week prior.
Across the smaller capital cities, Brisbane’s 141 properties returned a preliminary clearance rate of 73.1 per cent, a slight increase from 69.4 per cent the week prior.
Adelaide’s 145 homes up for auction registered a preliminary clearance rate of 88.9 per cent, marking a significant increase from the previous week’s 66.7 per cent.
Canberra’s early rate also increased last week, with the 37 homes up for auction returning a preliminary clearance rate of 52.2 per cent, a moderate increase from 46.8 per cent the week prior.
In Perth, results from six of the city’s 11 auctions had been reported, four of which were successful.
Across Tasmania, the outcome of one property taken to auction has not yet been announced.
Looking towards the coming weeks, CoreLogic reported that selling activity will pick up ahead of the spring selling season, with just over 2,000 homes scheduled for auction in the week ending 18 August 2024, and around 2,100 auctions currently pencilled in for the following week.
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