Preliminary clearance rate falls to 67.3% across the combined capitals - CoreLogic

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Jun 11, 2024

Preliminary clearance rate falls to 67.3% across the combined capitals - CoreLogic

By Caitlin Fono, Research Analyst, CoreLogic Australia

CoreLogic

Capital City Auction Statistics

It was a quiet week for auctions – a factor of the Kings Birthday long weekend in most states. 1,281 auctions were held, down from 2,380 over the previous week and the lowest volume of auctions held in a week since Easter (901 auctions).

The preliminary clearance rate fell to 67.3% across the combined capitals, the lowest early clearance rate so far this year and the first time the preliminary rate has dipped below the 70% mark since late last year. The previous week saw a preliminary clearance rate of 71.4% which revised down to 66.2% once finalised.

508 auctions were held in Sydney last week (lowest since Easter) returning a preliminary clearance rate of 70.1% which is the lowest so far this year and 1.3 percentage points down on the prior week (71.4% which revised down to 65.9% on final results).

468 auctions were held in Melbourne, also the lowest volume since Easter. The preliminary clearance rate came in at 63.2%, 6.2 percentage points lower than the previous week (69.4% which revised down 64.3% once finalised). Given the average revision rate of -7.3 percentage points between the preliminary and final clearance rate over the past eight weeks, there is a good chance the final clearance rate for Melbourne will come in under 60% for the first time since late last year.

Brisbane led the auction markets in terms of volume last week, with 125 homes going under the hammer (down from 141 the previous week). 97 auctions were held in Adelaide (down from 152 the week prior) and 67 in the ACT (roughly level with the previous week at 68). 15 auctions were held in Perth and 1 in Tasmania. Adelaide continues to stand out with very high clearance rates, with 85% of properties showing a successful result based on records collected so far. Brisbane’s early clearance rate rose from 64% to 67% last week and the ACT dropped to 52.4% (lowest so far this year).

The number of auctions is set to bounce back this week, with around 2,300 homes currently scheduled, dropping back to approximately 2,100 next week.

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

By Caitlin Fono, Research Analyst, CoreLogic Australia.