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Despite a slight increase in auction volumes compared to the previous week, the clearance rate hit a two-year low last week.
Last week’s preliminary clearance rate marked the lowest indicative level since the week ending 18 December 2022, when a result of 55.8 per cent was recorded.
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CoreLogic’s latest auction data has revealed that 1,913 properties were auctioned off last week (ending 6 October 2024), an increase on the 1,836 auctions held in the week ending 29 September 2024.
But while scheduled auctions were up week on week, as a percentage of the whole, they were noticeably depleted.
The preliminary clearance rate for the week came in at 63.9 per cent, based on initial numbers.
CoreLogic said that the reduced combined auction clearance rate was mostly driven by a fall in numbers in Sydney, with the city’s 524 homes registering a preliminary clearance rate of 62.7 per cent – the city’s lowest preliminary rate since the 57.6 per cent recorded in the week ending 18 December 2022.
The NSW capital may have been impacted by the combined factors of it being a long weekend (given the state had Labour Day on Monday) and the fact it hosted the NRL grand final on Sunday (6 October).
Melbourne’s 1,059 homes that went under the hammer represented the largest number of auctions and registered as a marked increase on the lower volume of the previous week that was impacted by another sporting event, the AFL grand final.
The city’s preliminary clearance rate also recorded a slight uptick, with this week’s early rate of 64.4 per cent increasing from 56.7 per cent the week prior, but still registering as its fourth-lowest preliminary clearance rate of the year so far.
Brisbane’s 152 homes taken to auction represented the most activity across the smaller capital cities and registered a preliminary clearance rate of 61 per cent, up from 55 per cent the week prior.
While Adelaide’s 129 properties taken to auction led the clearance rate success ranking with a preliminary clearance rate of 70.6 per cent, this result nonetheless represented the city’s third-lowest early result so far this year.
Canberra hosted 38 auctions last week that returned a preliminary clearance rate of 51.6 per cent.
In Perth, results from seven of the city’s 10 auctions have been reported, six of which were successful.
Across Tasmania, the one property taken to auction was successfully sold.
Looking towards the coming week, CoreLogic reported that the number of auctions is set to rise to around 2,600 in the week ending 13 October 2024, with more than 1,000 auctions currently scheduled across both Sydney and Melbourne.
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