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A preliminary clearance rate of 72.7 per cent for capital city auctions marks a decline compared to the week ending 7 April 2024.
CoreLogic’s latest Property Market Indicator Summary for the week ending 14 April 2024 showed 1,952 homes went under the hammer.
Although this figure is roughly on par with the previous week’s 1,985 auctions, this week’s preliminary auction clearance rate decreased, measuring in at 72.7 per cent; a drop of 3.2 percentage points compared to the previous week’s preliminary clearance rate of 75.9 per cent.
Melbourne hosted the most auctions last week, with its 855 homes that went under the hammer measuring a preliminary clearance rate of 70.8 per cent, a slight 0.2 percentage point increase from 70.6 per cent the week prior.
Sydney’s 827 homes taken to auction returned a success rate of 74.3 per cent, a marked decrease of 7.3 percentage points from last week’s heightened preliminary clearance rate of 81.6 per cent.
Across the smaller capital cities, Adelaide’s auction market performed the strongest with a preliminary clearance rate of 87.8 per cent, a substantial increase of 10.9 percentage points over 76.9 per cent the previous week.
In Brisbane, a preliminary clearance rate of 77 per cent was recorded, marking a 2 per cent increase over last week’s 75 per cent.
Canberra this week returned a preliminary rate of 58.6 per cent, a reduction of 3.2 percentage points compared to last week’s outcome of 61.8 per cent.
In Perth, results from five of the six auctions have been reported, three of which were successful.
Within Tasmania, where two auctions took place, one emerged unsuccessful while the other result is not yet reported.
Looking towards the coming weekend, CoreLogic reported that auction volumes are expected to be largely similar to the week just gone with 1,900 homes expected to be auctioned across the combined capital cities.
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