house auction
Image: Canva.
  • Over 2,400 homes headed under the hammer.
  • A preliminary clearance rate of 71% was recorded.
  • Improved rates driven by fewer withdrawals and fewer properties passing in at auction.

Australian auction markets have bounced back, holding 2,436 auctions and recording a 71.0% preliminary clearance rate from the 1,901 results collected so far, according to CoreLogic.

The latest activity is a doubling of the week prior when 1,198 homes were auctioned; the reduced number of auctions was primarily due to public holidays observed across several capitals.

This time last year, 1,815 auctions were held.

The preliminary clearance rate of 71% is up seventy basis points from last week’s preliminary result of 70.3%. CoreLogic’s Kaytlin Ezzy explained the driver of improved preliminary clearance rates included a reduced withdrawal rate (10.8%) and a reduced portion of properties passing in at auction (18%).

City Clearance rate Total auctions CoreLogic auction results Cleared auctions Uncleared auctions
Sydney 69.7% 918 713 497 216
Melbourne 72.7% 1,138 931 677 254
Brisbane 72.3% 134 101 73 28
Adelaide 80.8% 124 78 63 15
Perth n.a. 12 6 2 4
Tasmania n.a. 3 3 1 2
Canberra 56.5% 107 69 39 30
Weighted average 71.0% 2,436 1,901 1,352 549

Source: CoreLogic.

Sydney recorded its first sub-70% preliminary clearance rate in nine weeks, coming in at 69.7%. Ezzy noted that the decline was driven by a higher rate of withdrawals (17.4%). The portion of properties passed in fell to 12.9%.

Across the Sydney sub-regions, the Inner West recorded the strongest preliminary results (85.3%), with Sutherland (76.9%) and the Eastern Suburbs (75.3%) rounding out the top three.

On the other hand, Melbourne saw preliminary clearance rates rise back above the 70% mark, coming in at 72.7%. The city hosted more than a thousand homes at auction again.

Melbourne’s strongest sub-region was the Inner South (80.8%), which saw 166 homes head under the hammer. Also in the top three were Outer East (78.5%) and North East (77.6%).

Weekly clearance rates for combined capital cities.

Source: CoreLogic.



You May Also Like

Do Australia’s latest auction figures show a return to a balanced market?

Clearance rates across the combined capitals dipped to 59.8%, the fifth consecutive month of decline.

Australia’s housing market hints at turnaround as November sees slowest monthly gain in home values

Australia’s housing market signals potential turnaround as November sees its slowest monthly growth since February, recording 0.6% rise.

Perth property market predictions 2024 – House price & rental forecast

Experts deliver their take on what 2024 holds for Perth’s property market – predictions for capital growth range from 10 to 15 per cent.

Australian house prices soared to new record highs in November despite the cash rate rise

Home values lifted 0.22% MoM, with the national median now $761,000.

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Expert tips on how to be a successful property investor

Property expert and buyer's agent, Lloyd Edge, shares his insights.

Australian commercial property update: Industrial and tourism assets lead the pack in trying times

Commercial assets have faced volatility recently, driven by financing changes and demand fluctuations from institutions and funds.

WA has emerged as a property investment hub, and why that's a good thing

Eastern investors chase Perth's affordability, doubling the distance between home and investment in 2023, reveals MCG research.