This article is from the Australian Property Journal archive
THE preliminary combined capital clearance rate was at its lowest level since the Easter long weekend, while activity remained strong.
According to CoreLogic’s preliminary figures for the week ending 12 May 2024, the clearance rate hit 72.6%.
In total, 2,168 auctions were held over the week, after 2,202 in the previous week and up 28% on the 1,692 auctions that took place this time last year.
Sydney’s preliminary rate was also down from last week’s 78.1 % to 75.9%, which is up on 72.4% recorded last year.
The NSW capital held 753 auctions over the week, up from 740 in the week prior and up from last year’s 650, with 434 cleared auctions over the week.
Melbourne’s clearance rate fell from 71.0% to 68.0% and was also down from last year’s 70.4%.
The city saw 1,066 auctions over the week up on the 1,026 seen last week and on the 744 that took place this time last year, with 528 auctions cleared.
Adelaide’s preliminary clearance rate rose to 91.7%, up from 84.8%, with 115 auctions taking place and 55 cleared.
Brisbane recorded 152 auctions, down from 169 in the week prior, with its clearance rate up to 76.7%.
Canberra recorded a preliminary rate of 71.4%, breaking the 70% mark for the first time since the week before Easter, with 69 auctions held and 25 cleared.
Perth saw 11 auctions over the week, while just two auctions occurred in Tasmania over the week.
“We are expecting another 2,000+ week of auctions this week, with around 2,100 homes currently scheduled to go under the hammer,” said Caitlin Fono, research analyst at CoreLogic Australia.
“More broadly, the trend in new capital city listings has also picked up a little with the flow of freshly advertised stock coming to market tracking almost 17% higher than at the same time last year and 12.7% above the previous five-year average.”
“Despite the rise in fresh listings, total advertised inventory is holding firm to be 4.0% lower than a year ago and 16.3% below the previous five-year average.”
| Auction highlights this week Saturday, 24 February 2024 | ||
| State | Location | Value Sold |
| Most expensive | ||
| NSW | 6 Glenayr Av, North Bondi, 4br House, PPD Real Estate | $10,700,000 |
| VIC | 33 Bowen St, Richmond, 4br House, Jellis Craig | $4,100,000 |
| SA | 4 Giles St, Magill, 4br House, Harris Real Estate | $1,650,000 |
| QLD | 129 Monaco St, Broadbeach Waters, 4br House, Ivy Realty | $10,000,000 |
| ACT | 7/10 Macleay St, Turner, 4br House, Belle Property | $2,300,000 |
