This article is from the Australian Property Journal archive
THE last weekend pulled in the lowest preliminary clearance rate since December 2022, as auction results remain sluggish after another long weekend.
According to CoreLogic’s preliminary figures for the week ending 6 October 2024, the clearance rate was 63.9% down from last week’s 64.5%—revised down to 60.6% on final numbers.
In total there were auctions 1,913 held over the last week, up from the previous week’s Grand Final numbers at 1,836.
“The lower numbers last week can be attributed to the Labour Day long weekend in NSW, ACT and SA, along with the King’s Birthday long weekend in QLD,” said Caitlin Fono, research analyst at CoreLogic Australia.
In Sydney the preliminary rate fell from 66.1% to 62.7%, with the city also recording is lowest result since December 3033.
Just 524 auctions were held in Sydney over the week, with 262 auctions cleared.
In Melbourne the preliminary rate picked up from 56.7% to 64.4%, which was still the fourth lowest rate this year.
1,059 auctions were held in Melbourne over the week, with 510 cleared.
Adelaide once again returned the strongest preliminary clearance rate at 70.6%, its third lowest result this year, with 129 auctions taking place and 48 cleared.
While Brisbane again recorded the most auctions out of the smaller capitals, with 152 homes going under the hammer, 64 cleared and a preliminary clearance rate of 61.0%.
Canberra’s rate came in at 51.6%, with 38 auctions held and 48 cleared. While Perth recorded 10 auctions over the week and Tasmania held only one.
“The number of auctions is set to rise to around 2,600 this week, with more than 1,000 auctions currently scheduled for both Sydney and Melbourne,” added Fono.
| Auction highlights this week Saturday, 5 October 2024 | ||
| State | Location | Value Sold |
| Most expensive | ||
| NSW | 18A Wybalena Rd, Hunters Hill, 5br House, Sydney Residential Metro | $9,301,000 |
| VIC | 15 Keswick St, Bentleigh East, 5br House, Buxton | $3,100,000 |
| SA | 17 Austral Ave, Linden Park, 4br House, Harcourts | $2,154,000 |
| QLD | 3112 Riverleigh Dr, Hope Island 5br House, Ivy Realty | $4,100,000 |
| ACT | 23 Batman St, Braddon, 3br House, Maloneys Property | $1,830,000 |
