Easter Auction clearance rates hop above 70pc

OVER the Easter weekend, the preliminary auction clearance rate held above 70% with activity only down marginally from the record holiday weekend in 2022.

According to CoreLogic’s preliminary figures for the week ending 31 March 2024, the clearance rate was at 71.1% down from the previous week’s 72.3%, which was revised down to 65.8%.

In total, 926 auctions were held over the week, down from the 3,356 held the previous week and down slightly from the record high 926 auctions held in the record Easter weekend of 2022. While Easter 2023 saw just 652 homes go under the hammer.

Sydney’s clearance rate this week was up to 77.8% from 75.9% in the week prior, with 413 auctions held over the week and 266 auctions cleared.

While in Melbourne, the clearance rate dropped to 63.0%, its lowest rate since the week ending 5 November 2023. With 275 auctions taking place over the week and 131 cleared.

Of the smaller capitals, Brisbane recorded a clearance rate of 67.1% with 98 auctions held and 47 cleared.

Adelaide saw 59 homes up for auction, with a clearance rate of 78.8% with 41 auctions cleared.

In Canberra there were 45 auctions for a clearance rate of 61.5% with 24 auctions cleared.

While Perth saw 5 auctions over the week and no auctions took place in Tasmania.

“The volume of auctions is set to bounce higher this week with just over 2,000 homes currently scheduled for auction,” Caitlin Fono, research analyst at CoreLogic Australia.