Clearance rates stable, Melbourne listings up 35pc over the year

THE preliminary combined capital clearance rate saw a slight uptick over the week with auction activity almost unchanged.

According to CoreLogic’s preliminary figures for the week ending 26 May 2024, the clearance rate was up to 71.5% from 71.1% from which was revised down to 65.4%.

In total there were 2,163 auctions were held over the week, just up from 2,146 in the previous week but was up more significantly from the 1,887 auctions held this time last year.

Sydney’s preliminary rate was down marginally from 74.9% to 74.7%, which is up on 72.7% recorded last year.

Sydney held 747 auctions over the week, up from 725 in the week prior and down from last year’s 698, with 433 cleared auctions over the week.

Melbourne’s clearance rate was up from 68.4% to 71.2%, largely in line with last year’s 71.7%.

The city saw 1,025 auctions over the week, up on the previous week and back above the 1,000 mark, with 538 auctions cleared over the week.

“More broadly, the number of new listings added to the Melbourne market over the past four weeks was 35% higher than a year ago and 24% above the previous five-year average for this time of the year,” said Caitlin Fono, research analyst at CoreLogic Australia.

Adelaide was again the busiest of the smaller capitals, with a preliminary clearance rate of 78.4%, 149 auctions taking place and 58 cleared.

Brisbane recorded 148 auctions with 66 clearing and a clearance rate of 69.5%.

Canberra had its busiest auction week since the last week of April, with 82 held and 32 cleared, for a clearance rate of 64.9%.

While Perth saw 9 auctions over the week and Tasmania recorded just 3.

“We are expecting the number of auctions to rise this week, with close to 2,400 auctions currently scheduled, while the following week is set to see a sharp drop with closer to 1,300 auctions being marketed,” added Fono.