Vendors struggling to sell as clearance rates remain sluggish

THE capital city preliminary clearance rate failed to hit the 70% mark for 11^th week in a row, consistently coming in below the spring selling season average.

According to CoreLogic’s preliminary figures for the week ending 24 November 2024, the clearance rate was at 65.3% up from last week’s 64.1%—revised down to 57.3% on final numbers.

The week totalled 2,577 auctions, down from the previous week’s 2,898, though this number is expected to pick up again to around 2,750 in the coming week.

In Sydney the preliminary rate was up to 68.4% from 63.4%, which revised down to 57.9% on final count.

Sydney held just 984 auctions over the week, down from 1,108 in the week before, which was the city’s second busiest week since the spring selling season started. With 478 auctions clearing in the city.

In Melbourne the preliminary rate was up to 65.2% from 64.9%, which was then revised down to 56.9%. With Melbourne’s average preliminary clearance rate average across the season at 66.2% so far.

Melbourne held the most auctions and was the only city to surpass the 1,000-auction mark, with 1,111 homes going under the hammer, after 1,317 in the week prior, with 511 cleared.

Adelaide had a clearance rate of 66.3% this week, with 143 auctions taking place and 53 cleared.

While Brisbane again held the most auctions of the smaller capitals, with 233 homes going under the hammer for its second busiest week this year, with 100 cleared and a preliminary clearance rate of 56.8%.

91 auctions were held in Canberra over the week, with 29 cleared for a clearance rate of 52.7%.

While Perth recorded 15 auctions over the week and Tasmania held none.