This article is from the Australian Property Journal archive
IN the first full week of the Spring selling season, auction volumes took a dip but remained above the 2,000-home mark for the fourth week in a row.
According to CoreLogic’s preliminary figures for the week ending 8 September 2024, the clearance rate was up to 71.7% from last week’s 70.2%—revised down to 64.4% on final numbers.
“The preliminary clearance rate has held up amid the rise in auction volume and despite a broader rise in advertised stock levels and evidence of some momentum leaving the growth trend,” said Caitlin Fono, research analyst at CoreLogic Australia.
In total there were 2,065 auctions held over the last week, down from 2,315 in the week prior and lower than this time last year when 2,275 were held.
In Sydney the preliminary rate was up from 71.3% to 73.2%. With the city holding 774 auctions over the week, down from 874 with 423 cleared auctions.
In Melbourne the preliminary rate rose to 71.1 % from last week’s 70.0%, which was revised down to 62.9%.
Melbourne also held the greatest volume of auctions, with 1,016 homes going under the hammer and 478 cleared, holding above the 1,000-auction mark for the second week.
Adelaide once again returned the strongest preliminary clearance rate at 80.0%, with 146 auctions taking place and 60 cleared.
While Brisbane again recorded the most auctions out of the smaller capitals, with 152 homes going under the hammer, 59 cleared and an improved preliminary clearance rate of 62.1%.
Canberra’s rate came in at 65.5%, with 45 auctions held and 19 cleared. While Perth recorded 13 auctions over the week and Tasmania held three.
“The volume of auctions is set to rise this week with around 2,480 homes currently scheduled for auction, increasing to approximately 2,780 the following week as the spring selling season gathers pace,” added Fono.
The top auction result for the week was the bumper $20.2 million transaction of 15 Burton Street in Mosman, which went to market for the first time in more than 60 years.
Richard Simeon and Samantha Lian from Simeon Partners managed the sale of the waterfront six-bedroom home, located on an expansive 1,100sqm block, on behalf of the vendor Jean Wilmot, who has an OAM for her contributions to sailing and dancing.
| Auction highlights this week Saturday, 7 September 2024 | ||
| State | Location | Value Sold |
| Most expensive | ||
| NSW | 15 Burton St, Mosman, 6br House, Simeon Partners Mosman | $20,200,000 |
| VIC | 4A Evelina Rd, Toorak, 4br House, Marshall White | $3,960,000 |
| SA | 45 Denning St, Hawthorn, 4br House, Ouwens Casserly Real Estate | $2,900,000 |
| QLD | 8 The Peninsula, Noosaville, 4br House, McLure Prestige | $6,500,000 |
| ACT | 34 Lockyer St, Griffith, 3br House, Blackshaw Manuka | $2,096,000 |
