This article is from the Australian Property Journal archive
DESPITE a marginal decline, the capital preliminary auction clearance rate is still sitting far above the same time last year.
According to CoreLogic’s preliminary figures, the capital city clearance rate came in at 71.8% for the week ending 3 March 2024, down from 73.5% in the week prior and 66.3% this time last year.
Despite last week’s rate being revised to 68.2% when finalised, the preliminary rate trend is sitting far above last year when rates were in the mid-60% range and being revised down to the mid-50% range.
In total, 2,556 auctions were held over the week, down from 2,853 held last week and up from 2,054 homes that went under the hammer at the same time in 2023.
“The stronger clearance rate relative to last year coincides with a re-acceleration in value growth, with CoreLogic’s Home Value Index reporting a pick up in the pace of growth in January and February,” said Caitlin Fono, research analyst at CoreLogic Australia.
“Although the current trend in auction clearance rates is conducive to further growth in values, if clearance rates continue to ease we could see some momentum leave the re-acceleration.”
In Sydney the clearance rate was at 76.8%, down 0.5% from the week prior, with 878 auctions held, with 554 cleared auctions.
In Melbourne, the clearance rate was at 70.1%, also down 0.5%, with 1,283 auctions taking place over the week and 728 auctions cleared.
Of the smaller capitals, Brisbane had the busiest auction week with 148 homes going under the hammer for a clearance rate of 65.0%, with 67 auctions cleared.
Adelaide followed with 138 homes up for auction and a clearance rate of 69.4% and 59 auctions cleared.
While in Canberra there were 101 auctions for a clearance rate of 63.8%, with 44 auctions cleared.
Perth had just six auctions over the week and Tasmania saw two.
“The volume of auctions is set to drop sharply this week due to long weekends across four of the eight states and territories, with around 1,700 auctions currently scheduled,” added Fono.
| Auction highlights this week Saturday, 24 February 2024 | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 26 Ginahgulla Rd, Bellevue Hill NSW, 3 br House, McGrath | $11,601,000 |
| Melbourne | 18 Eastern Beach Rd, Geelong VIC, 4 br House, McGrath | $4,250,000 |
| Adelaide | 75 Frederick St, Unley SA, 4 br House, Toop + Toop Norwood | $3,300,000 |
| Brisbane | 7 Glen Rd, Mons QLD, 6 br House, McGrath | $3,500,000 |
| Canberra | 9 Barkly Cr, Forrest ACT, 4 br House, Luton Properties | $5,900,000 |
