Auctions take a break during AFL grand final

THE AFL Grand Final long weekend in Melbourne resulted in a significant drop in auction activity, with the busiest auction market coming to a standstill.

According to CoreLogic’s preliminary figures for the week ending 29 September 2024, the clearance rate was 64.5%, the lowest preliminary rate since December 2022. This was also down from last week’s 68.2%—revised down to 60.7% on final numbers.

In total there were 1,828 auctions held over the last week, down 34% from 2,781 in the week prior but up on this time last year when 1,198 were held.

In Sydney the preliminary rate fell from 70.3% to 66.1%. With the city holding 1,196 auctions over the week, with 592 cleared auctions.

In Melbourne the preliminary rate fell to its lowest rate since July 2022 at 56.7%, down from last week’s 68.3%, which was revised down to 59.5%.

Just 237 auctions were held in Melbourne over the week, with 106 cleared.

Adelaide once again returned the strongest preliminary clearance rate at 74.6%, with 130 auctions taking place and 53 cleared.

While Brisbane again recorded the most auctions out of the smaller capitals, with 151 homes going under the hammer, 61 cleared and a preliminary clearance rate of 55.0%.

Canberra’s rate came in at 65.8%, with 103 auctions held and 48 cleared. While Perth recorded 10 auctions over the week and Tasmania held only one.

“The volume of auctions scheduled this week is set to bounce back above the 2,000 mark, with more than half of the scheduled auctions to be held in Melbourne,” said Caitlin Fono, research analyst at CoreLogic Australia.