This article is from the Australian Property Journal archive
CAPITAL city auction activity picked up again after a Melbourne Cup weekend pause with the second highest volume of auctions for the spring selling season so far.
According to CoreLogic’s preliminary figures for the week ending 3 November 2024, the clearance rate was 65.8% up from last week’s 63.4%, remaining below the average spring average of 67.1%
Though the week did total 2,820 auctions, up from the previous week’s 1,983 and representing the fifth highest auction volume of the year.
In Sydney the preliminary rate was up from 65.5% to 68.2%, sitting just below the city’s spring season average of 68.4% and continuing to hold below 70% for six of the last seven weeks.
Sydney held 1,073, up marginally from 1,046 in the week before, again making it the city’s third busiest week this year, with 527 auctions cleared.
In Melbourne the preliminary rate was down from 62.4% to 66.5%, which is basically in line with the 66.4% spring season average.
Melbourne was back to holding the most auctions this week, with 1,293 houses going under the hammer, after just 473 auctions last week, with 604 cleared.
Adelaide again saw the highest clearance rate across the capitals at 70.1%, with 160 auctions taking place and 47 cleared.
While Brisbane again held the most auctions of the smaller capitals, with 175 homes going under the hammer, with 58 cleared and a preliminary clearance rate of 53.2%.
94 auctions were again held in Canberra over the week, with 28 cleared for a clearance rate of 45.2%, or the lowest rate since April 2020, early on in the pandemic.
While Perth recorded 22 auctions over the week with a 53.8% clearance rate and Tasmania held three.
“We are expecting to see over 2,900 auctions held this week before scaling back a little to around 2,550 the week after,” said Caitlin Fono, research analyst at CoreLogic Australia.
| Auction highlights this week Saturday, 9 November 2024 | ||
| State | Location | Value Sold |
| Most expensive | ||
| NSW | 10 Queens Avenue, Vaucluse, 4br House, PPD Real Estate | $26,000,000 |
| VIC | 33 Beaconsfield Pde, Albert Park, 4br House, RT Edgar | $8,198,000 |
| SA | 2A Pier St, Glenelg South, 3br House, Noakes Nickolas | $2,900,000 |
| QLD | 75 Bridgman Dr, Reedy Creek, 4br House, Amir Prestige | $6,500,000 |
| ACT | 13 Farrer St, Braddon, 4br House, Carter and Co Agents | $2,505,000 |
