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Auction volumes have increased week-on-week, but a preliminary clearance rate of 72.9 per cent marks a decrease over last week’s result.
CoreLogic’s latest Property Market Indicator Summary for the week ending 28 April 2024 showed 1,900 homes went under the hammer.
Although this figure represents an increase over the previous week’s 1,888 auctions, the larger volume did result in a decrease in the preliminary auction clearance rate, measuring in at 72.9 per cent – a decrease of 1.5 percentage points compared to the previous week’s preliminary clearance rate of 74.4 per cent.
For the week ending 28 April, Melbourne once again hosted the most auctions, with its 848 homes that went under the hammer leading to a preliminary clearance rate of 69.8 per cent, a 2.9-percentage-point decrease from 72.7 per cent one week prior.
Sydney’s 657 homes taken to auction registered a preliminary clearance rate of 78.3 per cent, a 4.5-percentage-point increase over the 73.8 per cent preliminary clearance rate recorded one week earlier.
Across the smaller capital cities, Adelaide continued its lead as the strongest market with a preliminary clearance rate of 76.4 per cent; a 10.1-percentage-point fall from the 86.5 per cent rate reported the week prior.
In Brisbane, a preliminary clearance rate of 71.7 per cent was recorded – a 3.3 per cent decrease over last week’s 75 per cent.
Canberra this week returned a preliminary rate of 63.3 per cent, a modest decrease of 4.4 percentage points over last week’s outcome of 67.7 per cent.
In Perth, results from 10 of the 15 auctions have been reported, five of which were successful.
Within Tasmania, two auctions took place, with one emerging unsuccessful while the other result is yet to be reported.
Looking towards the first weekend in May, CoreLogic reported that auction volumes are scheduled to experience a moderate rise, with 2,200 homes expected to be auctioned across the combined capital cities.
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