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Despite a slight increase in auction volumes compared to the previous week, this uptick did not translate to sales.
CoreLogic’s latest data revealed that 1,913 properties were auctioned off in the week ending 6 October 2024, an increase on the 1,836 auctions held in the week ending 29 September 2024.
But while sales were up from a numerical perspective week-on-week, as a percentage of the whole they were noticeably depleted. The preliminary clearance rate for the week came in at 63.9 per cent, based on initial numbers.
Last week’s preliminary clearance rate marked the lowest early rate since the week ending 18 December 2022 when a result of 55.8 per cent was recorded.
CoreLogic highlighted that the reduced combined auction clearance rate was mostly driven by Sydney, with the city’s 524 homes registering a preliminary clearance rate of 62.7 per cent – the city’s lowest early rate since the 57.6 per cent recorded in the week ending 18 December 2022.
Melbourne’s 1,059 homes that went under the hammer represented the largest number of auctions and registered as a marked increase on the lower volume of the previous week which was induced by the AFL grand final.
The city’s preliminary clearance rate also recorded a slight uptick, with this week’s early rate of 64.4 per cent increasing from 56.7 per cent the week prior, but still registering as its fourth lowest preliminary clearance rate of the year so far.
Brisbane’s 152 homes taken to auction represented the most activity across the smaller capital cities and registered a preliminary clearance rate of 61 per cent, up from 55 per cent the week prior.
While Adelaide’s 129 properties taken to auction led the clearance rate success ranking with a preliminary clearance rate of 70.6 per cent, this result nonetheless represented the city’s third lowest early result so far this year.
Canberra hosted 38 auctions last week which returned a preliminary clearance rate of 51.6 per cent.
In Perth, results from seven of the city’s 10 auctions have been reported, six of which were successful.
Across Tasmania, the one property taken to auction was successfully sold.
Looking towards the coming week, CoreLogic reported that the number of auctions is set to rise to around 2,600 in the week ending 13 October 2024, with more than 1,000 auctions currently scheduled across both Sydney and Melbourne.
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