This article is from the Australian Property Journal archive
AUCTION activity was down for the week, with heatwaves keeping buyers indoors and the Labour Day long weekend in Victoria seeing many head out of the city.
According to CoreLogic’s preliminary figures, the capital city clearance rate came in at 72.8% for the week ending 10 March 2024, down from 71.8% in the week prior and 65.4% this time last year.
This week, the lift in the clearance was driven by smaller capitals outside of Sydney and Melbourne, particularly in Adelaide where the rate was up significantly from 69.4% to 83.1%.
In total, 1,700 auctions were held over the week, down from 2,556 held last week and up from the 1,280 homes that went under the hammer at the same time in 2023.
“We should see the volume of auctions bounce back this week, with around 2,800 homes scheduled for auction,” said Caitlin Fono, research analyst at CoreLogic Australia.
In Sydney the clearance rate was at 76.2%, down 0.6% from the week prior, with 891 auctions held, with 537 cleared auctions.
In Melbourne, the clearance rate dropped below the 70.0% mark for the first time this year, coming in at 66.2%, from 70.1% in the previous week. With just 457 auctions taking place over the week and just 243 auctions cleared.
Of the smaller capitals, Brisbane again saw the busiest auction week with 169 homes going under the hammer for a clearance rate of 65.9%, with 81 auctions cleared.
Adelaide saw 119 homes up for auction and the highest clearance rate at 83.1% with 54 auctions cleared.
While in Canberra there were 50 auctions for a clearance rate of 69.8%, with 25 auctions cleared.
Perth had 13 auctions over the week, while just one home went under the hammer in Tasmania.
“The trend in housing values has also held reasonably firm, with each of the major capitals recording a rise in values as we approach the middle of the month. Based on the rolling four week change in CoreLogic’s daily 5 city index, dwelling values are up 0.6%,” added Fono.
“Sydney and Melbourne have continued to gather some momentum, with values up 0.5% and 0.2% respectively, while Perth and Adelaide record a rolling four week change above 1% (Perth at 1.8% and Adelaide at 1.1%). Brisbane has lost some steam, however with a rolling four week change of 0.8% conditions remain strong.”
| Auction highlights this week Saturday, 24 February 2024 | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 1/7 Hampden Ave, Darling Point NSW, 4 br House, Krulis Residential Double Bay | $11,250,000 |
| Melbourne | 56 Glen Shian Ln, Mount Eliza VIC, 5 br House, Aqua Real Estate | $7,528,000 |
| Adelaide | 9 Broughton St, Glenside SA, 5 br House, Toop + Toop Norwood | $2,445,000 |
| Brisbane | 42 Hillside Cr, Hamilton QLD, 4 br House, Project Property Sales | $8,300,000 |
| Canberra | 39 Creswell St, Campbell ACT, 3 br House, Belle Property Canberra | $1,560,000 |
