This article is from the Australian Property Journal archive
THE preliminary combined capital clearance rate saw a minor drop over the week, while activity picked up for a second week.
According to CoreLogic’s preliminary figures for the week ending 2 June 2024, the clearance rate was down to 71.4% from 71.5% from – which was revised down to 63.6%.
In total there were 2,319 auctions were held over the week, up from 2,163 in the previous week but was up more significantly from the 1,815 auctions held this time last year.
Sydney’s preliminary rate was down from 72.7% to 71.4%, the city’s lowest rate so far in 2024 and down on the 74.2% recorded this time last year.
Sydney held 894 auctions over the week, up from 747 in the week prior and down from last year’s 751, with 478 cleared auctions over the week.
Melbourne’s clearance rate was also down up from 71.2% to 69.4%, down from last year’s 72.6%.
The city saw 1,054 auctions over the week, up on the previous week and seeing with 561 auctions cleared over the week.
Adelaide was again the busiest of the smaller capitals, with a preliminary clearance rate of 87.2%, 151 auctions taking place and 75 cleared.
Brisbane recorded 143 auctions with 64 clearing and a clearance rate of 64.0%, its lowest for the year.
Canberra’s clearance rate came in at 81.3%, up from last week’s revised 47.2%, which was the lowest rate recorded this year. The city held 66 auctions and cleared 26.
While Perth saw just 11 homes go under the hammer and Tasmania didn’t record any auctions this week.
“The volume of auctions has been tracking well above levels a year ago, but is set to drop sharply this week due to the Kings Birthday long weekend in some states, with around 1,300 auctions currently scheduled,” said Caitlin Fono, research analyst at CoreLogic Australia.
“Next week should bounce back with around 2,275 auctions currently in the calendar.”
| Auction highlights this week Saturday, 24 February 2024 | ||
| State | Location | Value Sold |
| Most expensive | ||
| NSW | 174 Clover Hill Rd, Jameroo, 4br House, South Coast Prestige | $7,000,000 |
| VIC | 17 Palm Av, Caufield North, 5br House, Marshall White | $4,100,000 |
| SA | 12 Park Rd, Kensington Park, 3br House, Giordano & Partners | $3,210,000 |
| QLD | 1/47-51 Broadbeach Blvd, Broadbeach, 4br House, Kollosche | $4,750,000 |
| ACT | 23A Parker St, Curtin, 3br House, Hive Property | $1,750,000 |
