Listings continue to climb, clearance rates remain weak

LAST week marked the third busiest auction week of this year with listings continuing so surge, while the clearance rate was less impressive.

According to CoreLogic’s preliminary figures for the week ending 17 November 2024, the clearance rate was at 64.1% up from last week’s 65.8%—revised down to 58.4% on final numbers.

The week totalled 2,882 auctions, up from the previous week’s 2,820 and representing the third highest auction volume of the year, after the week ending 27 October and the week before Easter.

In Sydney the preliminary rate was down from 68.2% to 63.4%, for the second lowest preliminary rate this year.

Sydney held 1,108, up marginally from 1,073 in the week before, for the city’s second busiest week since the spring selling season started, with 536 auctions cleared.

In Melbourne the preliminary rate was down from 66.5% to 64.9%, for the fourth busiest week for auctions since the start of the spring selling season.

Melbourne held the most auctions, with 1,317 homes going under the hammer, after 1,293 in the week prior, with 602 cleared.

Adelaide again saw the highest clearance rate across the capitals at 70.7%, with 164 auctions taking place and 65 cleared.

While Brisbane again held the most auctions of the smaller capitals, with 192 homes going under the hammer, with 80 cleared and a preliminary clearance rate of 56.3%.

81 auctions were held in Canberra over the week, with 33 cleared for a clearance rate of 66.0%.

While Perth recorded 18 auctions over the week and Tasmania held two.

“Around 2,600 auctions are going to market this week, stepping up to approximately 2,700 the week after,” said Caitlin Fono, research analyst at CoreLogic Australia.