CoreLogic research director, Tim Lawless said “With 2,044 auctions held, this was the highest volume of auctions so far this year.  Demand from buyers has kept pace with the pick-up in activity, with the preliminary clearance rate coming in at 75.4%, down slightly from last week (76.2% which revised to 70.3% on final numbers).

For some context, the preliminary clearance rate settled in the mid 60% range at the end of last year and final clearance rates were in the mid 50%’s. With the preliminary clearance rate holding above 73% for the past three weeks, it’s probably fair to say the stronger auctions results are attributable to more than early year seasonality; some confidence has returned to the auction markets amid falling inflation and a growing expectation that lower interest rates later this year could see housing price growth accelerate.

Sydney recorded 688 auctions this week, returning a preliminary clearance rate of 81.7%, the highest preliminary outcome since mid-October in 2021.  Melbourne held 961 auctions, with 72.2% selling at auction so far.  

Melbourne’s preliminary clearance rate has held above the 70% mark through the year-to-date, but was down slightly from last week (73.1%).

The coming week is set to see a further pick up in auction activity with around 2,800 homes currently scheduled to go under the hammer.

By CoreLogic research director, Tim Lawless.

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