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Auction volumes and the preliminary clearance rate have both harshly fallen compared to the week prior.
CoreLogic’s latest data revealed that 1,828 properties were auctioned off in the week ending 29 September 2024, a 34 per cent decrease on the 2,781 auctions held in the week ending 22 September 2024.
With this decreased activity came a pronounced drop in the success rate, with last week’s preliminary clearance rate of 64.5 per cent marking the lowest early rate since December 2022 when preliminary results held below 60 per cent through most of the month.
Melbourne hosted just 237 auctions as the market paused for the AFL Grand Final, with buyer distraction also seeing the preliminary clearance rate fall to 56.7 per cent, the lowest early rate since the 55.6 per cent recorded in mid-July of 2022.
Sydney’s 1,196 homes that went under the hammer registered as the largest number of auctions, roughly on par with the 1,199 auctions held in the week leading into the Easter long weekend of this year.
But the city’s preliminary clearance rate did not hold up under the higher volume, with this week’s early rate of 66.1 per cent falling 4.2 percentage points from 70.3 per cent the week prior.
Brisbane’s 151 homes taken to auction represented the most activity across the smaller capital cities but registered a preliminary clearance rate of 55 per cent, the lowest early result since the 43 per cent recorded in the last week of April 2023.
Adelaide continued to report the highest early clearance rate, with its 130 auctions returning a preliminary clearance rate of 74.6 per cent, holding steady from the week prior.
Canberra hosted 103 auctions last week which returned a preliminary clearance rate of 65.8 per cent.
In Perth, results from four of the city’s 10 auctions had been reported, two of which were successful.
Across Tasmania, the one property taken to auction emerged as unsuccessful.
Looking towards the coming week, CoreLogic reported that the number of auctions is set to bounce back above the 2,000 mark in the week ending 6 October 2024, noting that more than half of the scheduled auctions are to be held in Melbourne.
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