This article is from the Australian Property Journal archive
THE preliminary combined capital clearance rate recorded a 1.5% drop over the weekend, with activity levels virtually unchanged from last week.
According to CoreLogic’s preliminary figures for the week ending 28 April 2024, the clearance rate was down to 72.9% from last week’s 74.4%—revised to 66.2%.
In total, 1,902 auctions were held over the week, after 1,888 in the previous week and up on the 1,739 auctions that took place this time last year.
Sydney’s preliminary rate dropped from last week’s 73.8% to 78.3%, which is up on 68.0% recorded last year.
“Compared to Melbourne, Sydney has seen a larger revision between the preliminary and final results, averaging a -9 percentage point difference over the past four weeks,” said Kaytlin Ezzy, economist at CoreLogic.
The NSW capital held 657 auctions over the week, up from 613 in the week prior and up from last year’s 570, with 367 cleared auctions over the week.
While Melbourne’s clearance rate was down to 69.8% from last week’s 72.7% and down from last year’s 71.8%.
“At 69.8%, last week was the first time Melbourne’s preliminary clearance rate dipped below the 70% mark since the final week of March (63.0%),” added Ezzy.
“Finalised clearance rates through the first three weeks of April ranged from 62.6% to 65.7% with an average downwards revision from the preliminary rate of -7.6 percentage points.”
The city saw 849 auctions over the week down on 877 last week and up on the 737 that took place this time last year, with 421 auctions cleared.
Of the smaller capitals, Adelaide once again had the strongest clearance rate at 76.4% up from 70.0% this time last year, with 135 auctions taking place and 55 cleared
Brisbane recorded a clearance rate of 71.5% down from 75.0% in the week prior and way up on last year’s 42.6%, with 168 auctions occurring and 76 cleared.
Canberra recorded a preliminary rate of 63.3% with 76 auctions held and 31 cleared.
Perth saw 15 auctions over the week, while just two took place in Tasmania this last week.
“The volume of auctions scheduled for this week is set to rise, with around 2,200 auctions currently scheduled,” said Ezzy.
| Auction highlights this week Saturday, 24 February 2024 | ||
| State | Location | Value Sold |
| Most expensive | ||
| NSW | 53 Macnamara Av, Concord, 5br House, DibChidiac | $5,400,000 |
| VIC | 10 Grandview Av, Mount Eliza, 5br House, Belle Property | $3,310,000 |
| SA | 41 Ascot Av, Dulwich, 4br House, Toop & Toop Norwood | $1,960,000 |
| QLD | 1 Knightsbridge Pd West, Paradise Point, 4br House, Ivy Realty | $5,000,000 |
| ACT | 16 Reynolds Street, Curtin, 4br House, Belle Property | $1,702,000 |
