Clearance rates rebound despite Sydney and Melbourne underperforming

OVER the weekend, the combined capitals preliminary clearance rate once again overtook the 70% mark, thanks to results in the smaller markets.

According to CoreLogic’s preliminary figures for the week ending 11 August 2024, the clearance rate rose to 70.4%, after last week’s 69.2% was revised down to 64.0% on final count.

Over the week there were 1,811 auctions held, after 1,716 in the week prior and 1,929 this time last year.

“The subtle lift in the early clearance rate was attributable to the smaller auction markets with Adelaide, Brisbane and Canberra each recording a higher clearance rate compared to the previous week, while the major auction markets of Sydney and Melbourne recorded some slippage in the early success rate,” said Kaytlin Ezzy, economist at CoreLogic Australia.

In Sydney the preliminary rate sat below the 70% mark for the second week, at 68.0% down from last week’s 69.4%.

Sydney held 632 auctions over the week, up from last week’s 612, with 304 cleared auctions.

In Melbourne the preliminary rate was at 69.5%, down from last week’s 70.4%, which was revised down to 61.7%.

Melbourne held the greatest volume of auctions, with 844 auctions for the highest volume since the week ending 23 June and 444 cleared.

Adelaide returned the strongest preliminary clearance rate at 88.9%, with 145 auctions taking place and 80 cleared.

While Brisbane recorded 141 auctions and a preliminary clearance rate of 73.1 with 79 auctions cleared.

Canberra’s rate came in at 52.2%, with 37 auctions held and 12 cleared.

While Perth recorded 11 auctions over the week and Tasmania held just one.

“The number of auctions scheduled for this week is currently just over the 2,000 mark, rising to around 2,100 the week after, signalling a pick up in selling activity ahead of the spring selling season,” added Ezzy.