This article is from the Australian Property Journal archive
CAPITAL city auction clearance rates picked up over the week, hitting their highest level since the last week of July.
According to CoreLogic’s preliminary figures for the week ending 25 August 2024, the clearance rate rose marginally to 71.4%, with last week’s 70.7% revised down to 64.8% on final count.
In total there were 2,052 auctions held over the week, up from last week’s 1,995, but still down on the same week in 2023 when 2,278 auctions took place.
In Sydney the preliminary rate increased marginally up from 74.6% to 74.9%, with last week’s rate revised down to 67.6%.
The city held 807 auctions over the week, up from last week’s 738, with 184 homes sold at auction.
In Melbourne the preliminary rate was up to 68.7% up last week’s 67.4%, which was revised down to 61.0%. Melbourne held the greatest volume of auctions, with 889 homes going under the hammer and 302 sold at auction.
Adelaide returned the strongest preliminary clearance rate at 79.5%, with 149 auctions taking place and 50 sold at auction.
Brisbane recorded 134 auctions over the week with 50 sold on the day and a preliminary clearance rate of 67.3%.
Canberra’s rate came in at 56.5%, with 61 auctions held and 14 sold on the day.
While Perth recorded 11 auctions over the week and Tasmania held just one.
“With the flow of fresh listings, including auctions, trending higher, the depth of market demand will be tested over the coming weeks and months,” said Caitlin Fono, research analyst at CoreLogic Australia.
“This week we are expecting around 2,300 auctions to be held with the volume of auctions likely to rise more substantially into spring and early summer.”
