This article is from the Australian Property Journal archive
THE preliminary combined capital clearance rate picked up again over the week, with activity holding well above levels seen this time last year.
According to CoreLogic’s preliminary figures for the week ending 5 May 2024, the clearance rate was up to 73.5% from last week’s 72.9%—revised to 66.1%.
In total, 2,169 auctions were held over the week, after 1,902 in the previous week and up on the 1,724 auctions that took place this time last year.
“With 2,169 auctions held last week, the volume of properties taken to market is holding well above levels a year ago (+25.8% or 445 higher relative to the same time last year),” said Caitlin Fono, research analyst at CoreLogic Australia.
“More broadly, the rolling four week count of new listings added to the market was nearly 23% higher than at the same time a year ago and 12.1% above the previous five-year average.”
Sydney’s preliminary rate dropped slightly from last week’s 78.3% to a still strong 78.1%, which is up on 73.0% recorded last year.
The NSW capital held 740 auctions over the week, up from 657 in the week prior and up from last year’s 639, with 424 cleared auctions over the week.
Melbourne’s clearance rate was up to 71.0% from 69.8% last week and up from last year’s 69.9%.
The city saw 1,026 auctions over the week up on the 849 seen last week and up on the 719 that took place this time last year, with 527 auctions cleared.
This week Brisbane recorded the greatest volume of auctions out of the smaller capitals, with 169 auctions, though its clearance rate fell from 71.7% to its lowest rate since Easter at 68.0%.
Adelaide once again had the strongest clearance rate at 84.8% with 130 auctions taking place and 67 cleared.
Canberra recorded a preliminary rate of 58.0%, its lowest rate since the end of February, with 81 auctions held and 29 cleared.
Perth saw 12 auctions over the week, while just one auction occurred in Tasmania over the week.
“The volume of auctions is set to rise this week. CoreLogic are currently tracking more than 2,200 properties scheduled to go under the hammer,” concluded Fono.
| Auction highlights this week Saturday, 24 February 2024 | ||
| State | Location | Value Sold |
| Most expensive | ||
| NSW | 37 Glenview St, Paddington, 4br House, Ray White Woollahra | $6,800,000 |
| VIC | 1 Missouri Av, Brighton, 5br House, Jellis Craig Brighton | $5,3-0,000 |
| SA | 21 Marine Pd, Marino, 5br House, Magain Real Estate | $3,000,011 |
| QLD | 120 Marine Pd, Miami, 4br House, Amir Prestige Group | $5,720,000 |
| ACT | 29 Raymond St, Ainslie, 4br House, Home By Holly | $2,420,000 |
