This article is from the Australian Property Journal archive
THE Kings Birthday long weekend has slowed down the week’s auction results, with the preliminary clearance rate falling to its lowest rate this year of 67.3%.
According to CoreLogic’s preliminary figures for the week ending 9 May 2024, the long weekend for most states saw the preliminary rate drop from 71.% to below 70% for the first time since late last year.
In total there were 1,281 auctions held over the week, down significantly from last week’s 2,380 in the previous week.
Sydney’s preliminary rate was down from 71.4% to 70.1%, which is the city’s lowest of the year.
Sydney held 508 auctions over the week, down from 899 in the week prior but up from last year’s 468.
Melbourne’s clearance rate was down from 69.4% to 63.2%.
The city saw 468 auctions over the week, its lowest volume since Easter and way down on last week’s 1,109.
“Given the average revision rate of -7.3 percentage points between the preliminary and final clearance rate over the past eight weeks, there is a good chance the final clearance rate for Melbourne will come in under 60% for the first time since late last year,” said Caitlin Fono, research analyst at CoreLogic Australia.
Brisbane led the smaller capitals with 125 homes going to auction and a clearance rate of 67%.
Adelaide held 97 auctions and reported a preliminary clearance rate of 85%.
Canberra held 67 auctions for a clearance rate of 52.4%, while Perth held 8 auctions over the week and Tasmania recorded none.
“The number of auctions is set to bounce back this week, with around 2,300 homes currently scheduled, dropping back to approximately 2,100 next week,” added Fono.
