This article is from the Australian Property Journal archive
THE spring selling season took off over the last week of winter, with the highest volume of auctions since the first week of June.
According to CoreLogic’s preliminary figures for the week ending 1 September 2024, the clearance took a minor dip amidst higher activity to 70.2%, from last week’s 71.4% and below the average winter rate of 71.1%.
In total there were 2,252 auctions held over the last week, the greatest volume since the first week of June.
“This week is set to see a similar volume of auctions held before ramping up to around 2,400 through the second week of spring,” said Caitlin Fono, research analyst at CoreLogic Australia.
In Sydney the preliminary rate fell from 74.9% to 71.3%. With the city holding 862 auctions over the week, with 458 cleared auctions.
In Melbourne the preliminary rate rose to 70.0% from last week’s 68.7%, for the highest preliminary rate since the first week of August.
Melbourne also held the greatest volume of auctions, with 1,006 homes going under the hammer with and 545 cleared, while the volume surpassed the 1,000-mark for the first time since mid-June.
Adelaide once again returned the strongest preliminary clearance rate at 82.6%, with 152 auctions taking place and 76 cleared.
While Brisbane recorded the most auctions out of the smaller capitals, with 158 homes going under the hammer with 65 cleared and a preliminary clearance rate of 58.6%.
Canberra’s rate came in at 58.1%, with 64 auctions held and 25 cleared.
While Perth recorded 10 auctions over the week and Tasmania held none.
“With the volume of auctions set to trend higher through spring, we will see the depth of purchasing demand tested. On average, the spring season sees around a 20% uplift in new listings across the capital cities compared with winter, while sales activity records far less seasonality (the volume of sales shows an 8.7% uplift between winter and spring based on the decade average),” added Fono.
“Given the range of demand side barriers, including affordability constraints, easing population growth, less ability to save and an erosion of borrowing capacity, there is a good chance the uplift in listings won’t be met by a commensurate rise in purchasers.”
| Auction highlights this week Saturday, 31 August 2024 | ||
| State | Location | Value Sold |
| Most expensive | ||
| NSW | 75 Grove St, Birchgrove, 4br House, BresicWhitney | $7,000,000 |
| VIC | 13A Glen Shian Cr, Mount Eliza, 4br House, One Agency | $5,000,000 |
| SA | 12 Adnunda Pl, Beaumont, 5br House, Toop & Toop | $3,460,000 |
| QLD | 10 The Promontory, Noosa, 4br House, Reed & Co. Estate Agents | $6,500,000 |
| ACT | 18 Morton St, Weetangera, 4br House, McIntyre Property | $1,660,000 |
