This article is from the Australian Property Journal archive
THE auction market is slowing down as we move deeper into the winter weeks, with this weekend seeing both the volume and preliminary clearance rate cutting back.
According to CoreLogic’s preliminary figures for the week ending 30 June 2024, the clearance rate was down to 70.0% from 72.4% – which was revised down to 66.2%.
In total there were 2,001 auctions held over the last week of the financial year, down from 2,150 in the previous week but this was still up on the 1,543 auctions held this time last year.
Sydney’s preliminary rate saw upward momentum from 70.7% to 72.0%, which is also up the 67.2% recorded last year.
The NSW capital held 767 auctions over the week, up from last year’s 676, with 393 cleared auctions over the week.
In Melbourne, the clearance fell from 72.9% in the week prior to 68.2%, which still held stronger than last year’s 63.3%.
The city saw 862 auctions over the week, down from 975 in the week prior, with 438 auctions cleared.
Adelaide maintained a strong preliminary clearance rate at 82.0%, with 145 auctions taking place and 73 cleared.
Brisbane recorded 159 auctions and returned a preliminary clearance rate of 62.9%, its lowest of the year.
Canberra’s rate came in at 65.9%, with 62 auctions held and 27 cleared.
While Perth saw just 4 auctions over the week and Tasmania held just two.
“This week, the number of auctions scheduled falls to around 1,800 and a bit less than 1,600 next week. Clearly the winter slowdown is underway, at least from a volume perspective,” said Caitlin Fono, research analyst at CoreLogic Australia.
| Auction highlights this week Saturday, 24 February 2024 | ||
| State | Location | Value Sold |
| Most expensive | ||
| NSW | 14 Olphert Av, Vaucluse, 4br House, Raine & Horne | $8,550,000 |
| VIC | 9 Lambourne St, Surrey Hills, 5br House, Heavyside | $3,160,000 |
| SA | 10 Greenwood Gr, Urrbrae, 4br House, WILLIAMS | $2,580,000 |
| QLD | 59 Buena Vista Av, Coorparoo, 4br House, NGU Real Estate | $7,300,000 |
| ACT | 10 Couvreur St, Garran, 4br House, Blackshaw Woden | $1,850,000 |
