This article is from the Australian Property Journal archive
THE spring selling season is heating up with auction volumes hitting its highest level since the week before Easter.
According to CoreLogic’s preliminary figures for the week ending 15 September 2024, the clearance rate fell below the 70% mark again at 69.4%, down from last week’s 71.7% – revised down to 63.2% on final numbers.
In total there were 2,387 auctions held over the last week, up 13% from 2,065 in the week prior and the fifth busiest week of the year so far.
In Sydney the preliminary rate was down from 73.2% to 70.6%. With the city holding 864 auctions over the week up 11.3% from the previous week’s volume. Sydney saw 450 auctions cleared.
In Melbourne the preliminary rate fell to 68.5% from 71.1 % in the previous last week, which was revised down to 60.9%. Melbourne held the greatest volume of auctions for the week, with 1,114 homes going under the hammer and 558 cleared.
Adelaide once again returned the strongest preliminary clearance rate at 82.2%, with 153 auctions taking place and 60 cleared.
While Brisbane again recorded the most auctions out of the smaller capitals, with 172 homes going under the hammer and 81 cleared for a preliminary clearance rate of 64.3%.
Canberra’s rate came in at 52.5%, with 65 auctions held and 21 cleared. While Perth recorded 15 auctions over the week and Tasmania held fout.
“The number of auctions scheduled for this week is set to rise further, with around 2,800 auctions currently scheduled, before dropping back the week after due to the AFL grand final long weekend,” said Kaytlin Ezzy, economist at CoreLogic Australia.
“The four weeks ending September 15th saw almost 42,000 freshly advertised properties listed for sale, 5.8% higher than at the same time last year and 16.5% above the previous five-year average. “
“The rise in advertised stock levels is great news for buyers, who benefit from more choice, but sellers will need to be aware of the heightened competition, with advertised supply levels likely to rise further through spring and early summer.”
| Auction highlights this week Saturday, 14 September 2024 | ||
| State | Location | Value Sold |
| Most expensive | ||
| NSW | 81 Union St, McMahons Point, 4br House, Garwoods Estate Agents | $8,900,000 |
| VIC | 62 Stroud St, Balwyn, 5br House, Barry Plant | $5,900,000 |
| SA | 11 Tenth Ave, St Peters, 5br House, Harris Real Estate | $2,205,000 |
| QLD | 18 Knightsbridge Pde West, Paradise Point, 5br House, Ivy Realty | $5,400,000 |
| ACT | 14 Dawson St, Curtin, 4br House, HOME.BYHOLLY | $2,260,000 |
