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Auction volumes and success rates have weakened across the nation, suggesting a cooling property market heading into the final weeks of 2024.
Corelogic’s latest Property Market Indicator Summary showed that 2,597 properties were auctioned off in the week ending 8 December 2024.
This activity marks a decrease from the 2,881 homes taken to auction the previous week and is significantly lower than the spring peak of 3,135 auctions held during the week ending 27 October.
This decreased activity was accompanied by a slight drop in the success rate, with last week’s preliminary clearance rate of 62.4 per cent falling a full percentage point from the week prior and representing the lowest preliminary result so far this year.
Melbourne’s 1,207 homes that went under the hammer recorded a preliminary clearance rate of 67 per cent, marking the city’s highest early rate since the 68.5 per cent recorded in the last week of October.
Sydney’s 923 auctions represented a decrease from the 1,031 auctions held the week prior and resulted in a preliminary clearance rate of 57.5 per cent, declining nearly 8 percentage points from 65.1 per cent the week prior and marking the lowest early rate of the year so far.
Across the smaller capital cities, Brisbane’s 203 homes led in terms of auction volume and registered a preliminary clearance rate of 57.6 per cent, up from 52.9 per cent the previous week.
Adelaide’s 167 homes taken to auction saw volumes hold roughly on par with the 169 auctions held the week prior, but returned an early clearance rate of 61.7 per cent, marking the lowest result of the year so far.
Canberra hosted 78 auctions last week, the lowest volume in two months, and returned a preliminary clearance rate of 60.8 per cent.
In Perth, results from four of the city’s 16 auctions have been reported, three of which were successful.
Across Tasmania, one of the three properties taken to auction was successfully sold.
Looking ahead to the coming weeks, Corelogic reported that auction volumes are set to decline further, with around 2,200 homes currently scheduled for auction this week, dropping to around 800 the following week.
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