Auction listings and clearance rates dip

OVER the weekend the combined capital city preliminary clearance rate fell below 70% for the first time since early June.

According to CoreLogic’s preliminary figures for the week ending 4 August 2024, the clearance rate dropped to 69.2%, with last week’s 72.2% revised down to 65.1% on final count.

In total there were 1,716 auctions held over the last week down from last week’s 1,975 and on the same week last year, when 1,746 homes went under the hammer.

In Sydney the preliminary rate declined significantly to 69.4% from 76.5%, which was revised down to 68.5%.

The city held 594 auctions over the week, up from last week’s 721, with 315 cleared auctions.

In Melbourne the preliminary rate was at 70.4% up from last week’s 69.8%, which was revised down to 62.3%. This week’s rate was 1% higher relative to the winter average to-date.

Melbourne held the greatest volume of auctions this week, with 801 homes going under the hammer, down from 840, and 425 cleared.

Across the smaller capitals, Brisbane returned the strongest rate at 69.4% and the strongest volume with 136 auctions taking place and 68 cleared.

Adelaide returned a preliminary clearance rate of 66.7%, with 128 auctions taking place and 50 cleared.

Canberra’s rate came in at just 48.6%, with 44 auctions held and 18 cleared.

While Perth recorded 12 auctions over the week and Tasmania held just one.

“The number of auctions this week looks set to pick up a little, with approximately 1,860 homes currently scheduled to go under the hammer, picking up to around 2,000 next week,” said Caitlin Fono, research analyst at CoreLogic Australia.