This article is from the Australian Property Journal archive
THE auction market is winding down as the year does, with the number of homes going under the hammer dropping but the clearance rate picking up marginally from last week’s lowest result of the 2024.
According to CoreLogic’s preliminary figures for the week ending 15 December 2024, the clearance rate was at 64.6% up from last week’s 62.4%—revised down to 57.6% on final numbers.
The week totalled 2,264 auctions, down from the previous week’s 2,617, which is expected to drop again as the summer holiday season draws nearer.
“Auctions are winding down as Christmas approaches, with just under 850 capital city homes currently scheduled for auction this week, while just a handful of homes are scheduled for auction next week,” said Caitlin Fono, research analyst at CoreLogic Australia.
In Sydney the preliminary rate was up to 63.0% from its lowest rate of the year last week at just 57.5%, which revised down to 54.8% on final count.
Sydney held just 816 auctions over the week, down from 927 in the week prior and 934 at the same time in 2023. The city recorded 344 cleared auctions over the week.
In Melbourne the preliminary rate was up to 68.6% from 67.0%, which was then revised down to 60.5%. This week was Melbourne’s highest preliminary result since 20 October’s 69.2%.
Melbourne held the most auctions and was the only city to surpass the 1,000-auction mark this week, with 1,022 homes going under the hammer, after 1,236 in the week prior and 1,398 in the year prior. 454 auctions were cleared.
Adelaide had a clearance rate of 63.0% this week, with 159 auctions taking place and 51 cleared.
While Brisbane again held the most auctions of the smaller capitals, with 166 homes going under the hammer, with 70 cleared and a preliminary clearance rate of 59.3%.
The ACT held 62 auctions over the week, with 18 cleared for a clearance rate of 54.5%, down from 60.8% last week.
While Perth recorded 38 auctions over the week, for its busiest auction week of the year and Tasmania held just one, though the result is yet to be reported.
| Auction highlights this week Saturday, 14 December 2024 | ||
| State | Location | Value Sold |
| Most expensive | ||
| NSW |
23 South Street, Strathfield, 6br House, McGrath |
$16,880,000 |
| VIC | 35 Kitchener St, Deepdene, 4br House, Marshall White | $2,780,000 |
| SA | 37 Brigalow Ave, Kensington Gardens, 4br House, Belle Property | $2,910,000 |
| QLD | 12 Topsails Pl, Noosaville, 5br House, Tom Offerman Real Estate | $6,300,000 |
| ACT | 12 Gellibrand St, Campbell, 4br House, LJ Hooker | $2,550,000 |
