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Auction volumes and success rates have declined across the country, indicating a slowing property market as 2024 concludes.
CoreLogic’s latest Property Market Indicator Summary showed that 2,264 capital city homes were taken to auction in the week ending 15 December.
This activity marks a decrease from the previous week’s 2,617 and is significantly lower than the 2,884 homes that went under the hammer this time last year.
The reduction in activity was coupled with a small decline in the success rate, this most recent week’s preliminary clearance rate of 64.6 per cent 2.2 percentage points higher than the previous week’s preliminary clearance rate of 62.4 per cent.
Melbourne’s 1,022 homes that went under the hammer last week recorded a clearance rate of 68.6 per cent, up 1.6 percentage points from the previous week’s 67 per cent, marking the city’s highest preliminary result since 20th October’s 69.2 per cent.
Sydney’s 816 homes that were taken to auction last week represented a notable decrease from the 927 auctions the week prior and revealed a preliminary clearance rate of 63 per cent after the previous week recorded 57.5 per cent, the lowest preliminary rate of the year to date.
Across the smaller capitals, Brisbane hosted the most auctions with 166 homes that went under the hammer and a preliminary clearance rate of 59.3 per cent.
Adelaide’s 159 auctions last week returned an early clearance rate of 63 per cent, up from the previous week’s 61.7 per cent.
Dropping down from the previous week’s 78, the ACT held just 62 auctions, with preliminary clearance results reported at 54.5 per cent, down from 60.8 per cent the week prior.
In Perth, 38 auctions were held, which marks the busiest auction week of the year, returning a preliminary auction clearance rate of 40 per cent.
Across Tasmania, just one home was taken to auction last week, with the results yet to be disclosed.
Auctions are calming down as Christmas approaches, with just under 850 capital city homes currently scheduled for auction in the week ahead.
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