This article is from the Australian Property Journal archive
EVEN with a minor downgrade over the last fortnight, auction results continued their strong start to the year with a preliminary capital city clearance rate of 73.5%.
According to CoreLogic’s preliminary auction results for the week ending 25 February 2024, there were 2,775 auctions held, the largest volume so far this year and up 33% on last week’s 2,091 and 14% on the same time last year.
Sydney’s preliminary clearance rate fell slightly to 77.3%, after exceeding 80% over the last two weeks, with 981 auctions held.
Melbourne’s clearance rate also fell, reaching its lowest level this year, at 70.6% across 1,388 auctions held.
Brisbane saw the busiest auction week of the smaller capitals, holding 168 auctions for a clearance rate of 72.8%, followed by Adelaide with 145 auctions and a rate of 87.9% and Canberra holding 85 auctions for a rate of 57.1%.
Meanwhile, Perth held just 6 auctions and only two homes were taken under the hammer this last week in Tasmania.
The past three weeks has seen the preliminary auction clearance rate revise an average of 6.1 percentage points lower on final results,” said Caitlin Fono, research analyst at CoreLogic Australia.
“With this in mind we are likely to see the capital city clearance rate finalised at around 67.4%. The number of auctions scheduled next week is set to ease a little with around 2,680 auctions current scheduled to go under the hammer.”
| Auction highlights this week Saturday, 24 February 2024 | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 12 Streatfield Rd, Bellevue Hill NSW, 5 br House, Ray White Double Bay | $12,160,000 |
| Melbourne | 25 Edward St, Kew VIC, 4 br House, Jellis Craig Hawthorn | $6,750,000 |
| Adelaide | 39 Kyre Av, Kingswood SA, 4 br House, Harris Real Estate Kent Town | $3,390,000 |
| Brisbane | 10 Mercedes Pl, Bundall QLD, 5 br House, Amir Prestige Southport | $7,030,000 |
| Canberra | 42 Frome St, Griffith ACT, 3 br House, Blackshaw Manuka | $1,810,000 |
