The Corelogic preliminary auction results and weekend market summary for 11 February 2024 revealed the capital city clearance rate rose to 76.2%, the highest preliminary clearance rate since the first week of June last year, said CoreLogic research director, Tim Lawless.

Auction markets continued to show a solid bounce back from the weak results in late 2023, with the capital city clearance rate rising to 76.2%, the highest preliminary clearance rate since the first week of June last year.  

The early clearance rate was a step higher relative to last week (73.9%) which revised down to 68.3% once finalised.

Melbourne recorded the largest number of auctions, with 618 homes taken to market, returning a preliminary clearance rate of 73.1% (highest since mid-July last year), while Sydney wasn’t far behind with 618 auctions, returning an early clearance rate of 80.4%, the highest preliminary result since the week ending October 24, 2021, added CoreLogic research director, Tim Lawless.

The newfound strength in auction markets is a radical turnaround from the December results last year, where the preliminary capital city clearance rate fell to the mid 60% range while final clearance rates dropped to the mid 50% level.

Mr Lawless commented, “The early part of the year can show some seasonality, however, with both the volume of auctions and the clearance rate coming in high over the past two weeks, it looks like the year has started with a much better fit between buyer and seller pricing expectations”

Stronger auction outcomes could be reflective of a boost in sentiment as expectations of an earlier than expected interest rate cut become more widespread, he said. 

By CoreLogic research director, Tim Lawless.

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