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The week is once again expected to fall below 60 per cent once the final numbers are counted.
Auction volumes across Australia’s capital cities saw a notable decline last week, as CoreLogic reported 1,983 capital city homes were auctioned for the week ending 3 November, down from the previous week’s 3,135 homes. The decrease in volume was largely driven by fewer auctions in Melbourne due to the beginning of the Melbourne Cup Festival, which officially kicked off on Saturday, 2 November.
The combined capital cities’ preliminary clearance rate also dipped, falling to 63.4 per cent, the lowest since December 2022. This marks a decrease from the previous week’s clearance rate of 66.8 per cent, which was later revised to a final clearance rate of 59.5 per cent.
Auction clearance rates have trended below 60 per cent for the past four weeks and are expected to remain under this threshold as final results are tallied.
Sydney led the week in terms of volume with 1,046 auctions. The harbour city’s preliminary clearance rate hit 65.5 per cent, up slightly from the previous week’s 64.5 per cent, which was revised down to 55.9 per cent – the lowest for 2024 after revisions.
In Melbourne, as the capital’s attention turned to the Melbourne Cup, only 473 homes went under the hammer, reflecting a similar count to the same period last year, with 468 houses that hit the block. The preliminary clearance rate was 62.4 per cent, the second lowest for the year after the last week of September’s rate of 56.7 per cent.
Among the smaller capitals, Brisbane held 182 auctions, followed by Adelaide with 173 and Canberra with 94, while Perth recorded just 15 auctions.
Adelaide has continued to lead the preliminary clearance rate, with 67.1 per cent, though it was the second-lowest rate for the year, after the first week of August. Brisbane and Canberra reported their lowest preliminary clearance rates to date, with Brisbane achieving 52.3 per cent successful auctions and Canberra arriving at a clearance rate of 55.2 per cent.
Auction activity is set to rebound over the next two weeks, with around 2,900 homes scheduled for auction this week as the market looks to recover from the seasonal lull.
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