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While auction volumes saw a significant uptick over the week, the preliminary clearance rate did not see the same growth.
CoreLogic’s latest Property Market Indicator Summary showed that 3,076 properties were auctioned off in the week ending 27 October 2024.
This activity is the highest volume since the 3,519 auctions held in the week prior to Easter and is only the second time in 2024 where auction volume has risen above the 3,000 mark.
With this increased activity came a slight drop in the success rate, with last week’s preliminary clearance rate of 66.8 per cent declining from 67.4 per cent the week prior.
Melbourne’s 1,603 homes that went under the hammer notably comprised 52 per cent of capital city auctions last week, and registered as the city’s highest volume this year since the 1,760 auctions held in the week before Easter.
The city’s preliminary clearance rate faltered under the higher volume, with this week’s early rate of 68.5 per cent falling short from the previous week’s 69.2 per cent.
While Sydney’s 987 homes registered as the city’s fifth-largest weekly volume over the year so far, this week’s early rate of 64.5 per cent marked a drop from the previous week’s preliminary clearance rate of 70.5 per cent.
This result also represents the city’s second lowest preliminary clearance rate of the year so far, following the 62.7 per cent recorded after the week ending 6 October.
Across the smaller capital cities, Brisbane’s 198 properties led in terms of auction volume and registered a preliminary clearance rate of 58.3 per cent.
Adelaide’s 191 homes taken to auction followed, returning the highest preliminary clearance rate of all cities at 73.8 per cent.
Canberra was home to 82 auctions last week which registered a preliminary clearance rate of 66.7 per cent.
In Perth, results from 10 of the city’s 14 auctions had been reported, seven of which were successful.
Across Tasmania, the one property taken to auction emerged as unsuccessful.
Looking towards the coming fortnight, CoreLogic forecasts a decrease in auction activity, followed by an increase the week after. This week, around 2,000 auctions are scheduled, with the number expected to rise to around 2,800 in the following week.
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