Auction clearance rates fall as volumes rise across Australian capitals

Preliminary auction clearance rates have dropped below 70 per cent for the first time in six weeks, despite an increase in auction volumes across Australian capital cities.

CoreLogic’s latest Property Market Indicator showed 2,387 properties were auctioned in the week ending 15 September 2024, marking the busiest auction week since Easter.

The preliminary clearance rate fell to 69.4 per cent, down from over 70 per cent in previous weeks.

Melbourne saw its highest auction volume since Easter, with 1,114 homes going under the hammer.

However, the city’s preliminary clearance rate dropped to 68.5 per cent, down 2.6 percentage points from the previous week’s 71.1 per cent.

Sydney’s auction volume increased by 11.3 per cent to 864 homes, but its preliminary clearance rate fell 2.6 percentage points to 70.6 per cent.

Among smaller markets, Brisbane led with 172 auctions and a preliminary clearance rate of 64.3 per cent.

Adelaide continued to report the highest early clearance rate at 82.2 per cent from 153 auctions.

Canberra hosted 65 auctions with a preliminary clearance rate of 52.5 per cent.

In Perth, results from five of the city’s 15 auctions had been reported, with four successful sales.

Tasmania saw two successful sales from four auctioned properties.

CoreLogic forecasts further increases in auction volumes, with around 2,800 homes scheduled for auction in the week ending 22 September 2024.

However, volumes are expected to drop the following week due to the AFL grand final long weekend.