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While auction volume surged over the last week of winter, the preliminary clearance rate fell.
CoreLogic’s latest Property Market Indicator Summary showed that 2,252 properties were auctioned off during the week ending 1 September, marking the highest auction volume since the first week of June 2024.
With this increased activity came a slight drop in the success rate, with last week’s preliminary clearance rate of 70.2 per cent registering as 1.2 percentage points lower than the previous week’s early rate of 71.4 per cent.
Melbourne’s 1,006 homes that went under the hammer marked the first time the city surpassed the 1,000 auction mark since mid-June.
The city’s preliminary clearance rate fared well under the higher volume, with this week’s early rate of 70 per cent a lift of 1.3 percentage points above the 68.7 per cent recorded the week prior.
While Sydney’s 862 homes registered as the city’s highest volume since the 899 auctions held in the week ending 2 June 2024, this week’s preliminary clearance rate of 71.3 per cent dropped 3.6 percentage points from the previous week’s early rate of 74.9 per cent.
Across the smaller capital cities, CoreLogic said auction volumes had not shown the same seasonal increase seen in the largest capitals.
Brisbane’s 158 homes that went under the hammer fell roughly in line with the city’s average weekly auction volume (156) through winter.
Adelaide’s 152 properties taken to auction registered as an increase on the city’s weekly winter average (135), but was described as falling in line with the number of auctions held over the past three weeks.
Canberra’s 67 auctions represented an increase on the city’s winter average of 57, but was noted as falling below the 91 auctions held two weeks ago.
In Perth, results from eight of the city’s 10 auctions have been reported, six of which were successful.
Across Tasmania, no properties were taken to auction in the week ending 1 September 2024.
Within the smaller auction markets, CoreLogic observed that Adelaide continued to show the highest preliminary clearance rate at 82.6 per cent, while Brisbane and Canberra’s early rates of 58.6 per cent and 58.1 per cent, respectively, were comparatively softer results.
Looking ahead into the spring selling season, CoreLogic reported that auction volumes are set to trend higher and noted that the “spring season sees around a 20 per cent uplift in new listings across the capital cities compared with winter”.
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