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Clearance rates remain steady across major cities as auction volume rises, with further growth expected ahead of Easter.
CoreLogic’s latest Property Market Indicator Summary revealed that auction markets are showing signs of recovery as the festive period slowdown continues to lift.
Last week, 1,399 homes went under the hammer across the combined capital cities, a significant increase from the 429 auctions held the previous week.
This activity remained lower than the same week last year when 1,712 properties went to auction.
The preliminary clearance rate for capital cities stood at 65 per cent, a slight improvement from 64.5 per cent the previous week. CoreLogic noted that the final clearance rate for that week was revised sharply lower to 55.6 per cent once all results were collected.
Melbourne hosted 479 auctions, with an early clearance rate of 65.4 per cent, up from 64.8 per cent the prior week.
Once all results were collected, the final clearance rate for Melbourne dropped to 55.7 per cent.
In Sydney, 461 auctions were held, with the preliminary clearance rate reaching 67.5 per cent.
This marked a significant improvement from the previous week, when the early clearance rate was 59.5 per cent, eventually revising to 54.2 per cent.
Brisbane led the smaller capitals with 161 auctions, recording a preliminary clearance rate of 58.7 per cent. Adelaide followed closely with 156 auctions, achieving a 61.7 per cent clearance rate so far, while Canberra saw 131 auctions and an early clearance rate of 68.7 per cent.
Auction activity is expected to increase further in the coming weeks, with the market typically peaking in the week before the Easter long weekend.
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