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Auction volumes and preliminary clearance rates have both increased from the week ending 11 August 2024.
CoreLogic’s latest Property Market Indicator Summary showed that 1,995 properties were auctioned off in the week ending 18 August 2024 – this volume marking the highest number of auctions since the last week of June 2024.
This lift in activity also provided an uptick in the success rate, with last week’s preliminary clearance rate of 70.7 per cent nudging it above the previous week’s early rate of 70.4 per cent.
CoreLogic highlighted that the rise in the combined auction clearance rate was mostly driven by Sydney, with the city’s 738 homes taken to auction returning a preliminary clearance rate of 74.6 per cent, a significant increase from 68 per cent the week prior.
Melbourne’s 837 homes that went under the hammer returned a preliminary clearance rate of 67.4 per cent, a slight decrease from the previous week’s 69.5 per cent.
Looking at Adelaide, the city led the clearance rate success ranking with its 151 properties taken to auction returning a preliminary clearance rate of 83.7 per cent – a decline from 88.9 per cent the week prior.
Brisbane’s 165 homes that went under the hammer registered a preliminary clearance rate of 62.8 per cent, a measurable drop from the previous week’s 73.1 per cent.
Canberra’s early rate bucked the negative trend, with last week’s 88 auctions returning a preliminary clearance rate of 66.1 per cent, a marked increase from 52.2 per cent the week prior.
In Perth, results from 11 of the city’s 15 auctions had been reported, six of which were successful.
Across Tasmania, the one property taken to auction did not sell.
Looking towards the coming weeks, CoreLogic reported that the number of auctions will increase, with around 2,100 homes scheduled for auction in the week ending 25 August 2024, and around 2,300 auctions pencilled in for the following week.
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