Australia’s preliminary auction clearance rate reached 65.3% last week, according to CoreLogic.
While slightly higher than the previous week’s 64.1%, this marks the 11th consecutive week where the rate remained below 70%.
“The spring season average to date sits at 66.7%, reflecting a softer trend compared to previous years,” CoreLogic’s Caitlin Fono (pictured above) said.
A total of 2,577 auctions were held, down from 2,898 the week prior. Auction volumes are expected to rise this week, with around 2,750 campaigns currently tracked.
Melbourne led the nation in auction activity, with 1,111 homes taken under the hammer.
The city recorded a preliminary clearance rate of 65.2%, a slight increase from the previous week’s 64.9% (revised to 56.9%). Melbourne’s spring season clearance average stands at 66.2%.
Sydney saw its auction numbers dip below 1,000 for the first time in four weeks, with 984 homes going to auction. The city reported a preliminary clearance rate of 68.4%, up from the prior week’s 63.4% (later revised to 57.9%).
Brisbane recorded its second-highest auction volume this year, with 233 homes under the hammer. The city’s preliminary clearance rate rose slightly to 56.8% from 56.3% the previous week.
Adelaide held 143 auctions, achieving a 66.3% clearance rate—the city’s lowest preliminary success rate in 2024.
Canberra hosted 91 auctions, with a clearance rate of 52.7%. Perth reported six auction results, with a success rate of 66.7%. No auctions were recorded in Tasmania last week, CoreLogic reported.
With auction volumes expected to rise in the coming weeks, the market’s performance will be closely watched. As spring wraps up, clearance rates continue to signal varied buyer activity across the country’s key markets.
For more details about Australia’s preliminary clearance rate, read this CoreLogic article. Download CoreLogic’s Property Market Indicator Summary.
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