Auction market holding firm despite dip in clearances

THE combined capital clearance rate recorded a moderate drop over the week, while auction activity held steady.

According to CoreLogic’s preliminary figures for the week ending 14 April 2024, the clearance rate was down to 72.7% from last week’s 75.9%—revised to 67.0%.

In total, 1,952 auctions were held over the week, down only slightly from 1,985 in the previous week and up on the 1,708 homes taken to auction this time last year.

Sydney’s preliminary rate dropped from last week’s high 81.6% to 74.3%, which is up on 74.3% recorded last year.

The NSW capital held 827 auctions over the week, down marginally from 859 in the week prior and up from last year’s 678, with 469 cleared auctions over the week.

While Melbourne’s clearance rate increase was basically unchanged at 70.8% from last week’s 70.6%.

The city saw 827 auctions over the week up on 785 last week and 714 this time last year, with 454 auctions cleared.

Of the smaller capitals, Adelaide had the strongest clearance rate at 87.8% up from 76.9%, with 79 auctions taking place.

Brisbane recorded an improvement as well with a rate of 77.0% up from 75.0%, with 105 auctions.

Canberra recorded a preliminary rate of 58.3% with 78 auctions held and 34 cleared.

Perth saw 6 auctions over the week, while just two took place in Tasmania this last week.

“Overall, auction clearance rates are holding reasonably firm, slightly above the long run average of 67.8% on the preliminary clearance rate,” said Caitlin Fono, research analyst at CoreLogic Australia.

“Capital city dwelling values are trending higher at the rolling four-week rate of about 0.5%, a slight reduction on the end of March rate (0.6%), with stronger conditions holding in Perth (+1.8%), Adelaide (+1.2%) and Brisbane (+0.9%).”

“We are expecting around 1,900 auctions to be held this week across the combined capital cities.”