Big auction test with 3k homes going under the hammer

CAPITAL city auction activity perked up again over the week, with increases across preliminary clearance rates.

According to CoreLogic’s preliminary figures for the week ending 20 October 2024, the clearance rate was 67.4% up from last week’s 66.6%—revised down to 60.8% on final numbers.

In total there were 2,510 auctions held over the last week, a minor drop from the previous week’s 2,598. Comparable to the 2,463 auctions were held across the combined capitals this time last year.

In Sydney the preliminary rate was up from 69.0% to 70.5%, the city’s highest result in five weeks.

978 auctions were held in Sydney over the week, down from 1,004 in the week prior, with 503 auctions cleared.

In Melbourne the preliminary rate was up from 64.8% to 69.2%, the highest rate recorded in six weeks.

Melbourne saw 1,069 auctions held, up from 1,044, for the third consecutive week   above 1,000 auctions. While 522 auctions were cleared.

Adelaide again saw the highest clearance rate at 72.0% up from 67.5%, with 145 auctions taking place and 59 cleared.

While Brisbane again recorded the most auctions out of the smaller capitals, with 227 homes going under the hammer and 81 cleared for a preliminary clearance rate of just 47.6%. This was its weakest result since April 2023.

Canberra saw 71 auctions held over the week, with 25 cleared, for a clearance rate of 55.6%.

While Perth recorded 19 auctions over the week and Tasmania held just one.

“More than 3,000 homes are scheduled for auction this week, providing a timely test of the market’s depth,” said Caitlin Fono, research analyst at CoreLogic Australia.