RESIDENTIAL PROPERTY
AUCTION volume and clearance rates saw a healthy boost in the first major week of auction of 2024, with a combined capital clearance rate of 73.9%...
According to CoreLogic’s latest preliminary auction results, 1,671 auctions were tracked last week in the second busiest start to the season on record...
At 73.9%, the preliminary clearance rate was the highest since the week ending 20 August 2023 and was way up on last year’s final clearance rates which circled around the...
Melbourne’s clearance rate came in at 71.9%, Sydney at 76.3%, Adelaide at 77.6% and Canberra way up at 80.0%. Brisbane just missed the 70% mark at 68.5%...
Meanwhile, Perth saw just one of the three auctions held come away with a successful result, with one of the three auctions held in Tasmania was also successful...
“Overall, it looks like auction markets are starting the year on a strong footing. Potentially, the news of low inflation and the possibility of early rate cuts is already boosting sentiment,”...
“The next few weeks should provide further guidance on whether this strong result is simply some early-year exuberance or a trend that can persist.”...
The auction market is off to a strong start after 2023 returned mixed results over the year, with a softer beginning before slowing gaining momentum...
This reflects an 8.0% drop from 2022 and an 18.2% from 2021 where the highest annual auction numbers were recorded since the series commenced in 2008...
“Despite low consumer sentiment and a higher interest rate environment, low advertised supply and rising values saw the annual clearance rate rise, with 64.9% of...
“This rebalancing of auctions supply saw the combined capitals’ clearance rate track lower as negotiating power shifted back in favour of buyers, with the success rate...
“Overall, the 2023 auction market helped display the delicate balance between buyer demand and vendor expectations.”