The preliminary combined capitals clearance rate recorded a solid bounce last week, rising to 75.9% from 71.1% the previous week (revised down to 64.8% once finalised which was the lowest auction clearance rate so far this year excluding the volatility from early-to-mid January). Last week’s preliminary clearance rate was the highest since the week ending February 11th earlier this year.

The higher early success rate was broad based, with most cities recording a rise from the Easter low. Melbourne recorded the largest increase, rising 7.6 percentage points to 70.6% (from 63.0% the previous week, revising down to 60.3% on final numbers).

Sydney also recorded a solid rise from Easter, with a preliminary clearance rate of 81.6% (highest since the week ending February 18 at 81.7%), up from 77.8% the previous week which revised down to a final clearance rate of 68.8%.

Canberra was the only capital city to record a preliminary clearance rate below 70%, coming in at 61.8%.

The volume of auctions (1,964) was more the double the previous week (901), but well below the lead up to Easter where 3,519 homes were taken to auction in the week prior to Easter. Early indicators show a similar number of capital city auctions scheduled for this week at around 2,000.

Full details including clearance rates and top sales of the week can be found in the Property Market Indicator.

Related Reading:

Auction market off to a strong start after 2023’s ‘year of two halves’ | The Real Estate Conversation

Australian home values surge 8.1% in 2023 | The Real Estate Conversation

John McGrath – Market predictions for 2024 | The Real Estate Conversation

John McGrath – Where did prices rise the most in 2023? | The Real Estate Conversation