This article is from the Australian Property Journal archive
THE combined capital clearance rate bounced back over the weekend to 75.9%, after most cities saw an uptick from low levels of activity over Easter.
According to CoreLogic’s preliminary figures for the week ending 7 April 2024, the clearance rate was up from last week’s 71.1%—revised to 64.8%.
In total, 1,964 auctions were held over the week, more than double the 901 held the previous week but still well below the 3,519 homes that went under the hammer in the week prior to Easter.
Sydney recorded a healthy increase with a preliminary clearance rate of 81.6%, up from 77.8% in the previous week.
The NSW capital held 859 auctions over the week, up from just 371 this time last year and saw with 451 cleared auctions.
While Melbourne recorded the highest clearance rate increase, rising 7.6% to 70.6% from 63.0% in the previous week.
The city saw 785 auctions over the week compared to just 108 this time last year and saw 417 auctions cleared.
Of the smaller capitals, Brisbane and Adelaide the busiest auction week with both seeing 123 going under the hammer, with clearance rates of 75.0% and 76.9% respectively.
Canberra was the only capital to record a clearance rate below 70% over the week, at 61.8%, with 64 auctions held and 21 cleared.
Perth saw 4 auctions over the week, while just one took place in Tasmania this last week.
“The higher early success rate was broad based, with most cities recording a rise from the Easter low,” said Caitlin Fono, research analyst at CoreLogic Australia.
“Early indicators show a similar number of capital city auctions scheduled for this week at around 2,000.”
| Auction highlights this week Saturday, 24 February 2024 | ||
| State | Location | Value Sold |
| Most expensive | ||
| NSW | 11 Ridge St, Merewether 5 br House, Salt Property Newcastle | $6,040,000 |
| VIC | 14 Kiah St, Glen Waverley, 5 br House, Biggin Scott | $3,780,000 |
| SA | 16 Lochness Av, Torrens Park, 4 br House, Williams Real Estate | $3,620,000 |
| QLD | 75-81 Stanhill Dr, Surfers Paradise, 3 br House, Kollosche | $15,000,000 |
| ACT | 41 Nicholson Cr, Turner, 3 br House, Maloneys Property | $1,651,000 |
