Increase primarily driven by smaller auction markets
Preliminary clearance rates across Australia’s combined capitals edged above 70% last week, reaching 70.4%, property data services provider CoreLogic has reported.
The figure is up from 69.2% from the previous week, which was later revised down to 64% in CoreLogic’s latest Property Market Indicator.
The slight increase in the early clearance rate was primarily driven by smaller auction markets, with Adelaide achieving an 88.9% clearance rate, Brisbane at 73.1%, and Canberra at 52.2%, all recording improvements over the prior week.
In contrast, major auction markets Sydney and Melbourne experienced slight declines in their preliminary success rates.
Melbourne led in auction volume, with 844 homes going under the hammer, the highest since the week ending 23 June, when 920 auctions were held. The city’s preliminary clearance rate stood at 69.5%, down from 70.4% the previous week, which was later revised to 61.7%.
Sydney saw 632 homes auctioned, an increase from 612 the previous week, with its early clearance rate remaining below 70% for the second consecutive week, registering at 68.0%, down from 69.4% the week before.
“The number of auctions scheduled for this week is currently just over the 2,000 mark, rising to around 2,100 the week after, signalling a pick-up in selling activity ahead of the spring selling season,” said Kaytlin Ezzy (pictured above), economist at CoreLogic Australia.
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