Auction clearance rates have taken a significant dip across Australia’s capital cities, hitting a two-year low, according to CoreLogic’s latest data.
Despite an increase in auction volumes, with 1,913 properties auctioned last week, the preliminary clearance rate dropped to 63.9%, the lowest since December 2022. Sydney, in particular, saw a notable decline, recording a clearance rate of 62.7%, impacted by the long weekend and the NRL grand final.
Melbourne, which hosted the most auctions (1,059), saw a slight improvement in its clearance rate, rising to 64.4%, although it still marks the fourth-lowest rate of the year.
In smaller capitals, Brisbane saw a 61% clearance rate, Adelaide led the group with 70.6%, and Canberra reported a 51.6% success rate. Perth had six successful auctions out of ten, while Tasmania’s sole auction ended in a sale.
Looking ahead, auction volumes are expected to rise, with more than 2,600 auctions scheduled next week, particularly in Sydney and Melbourne.
As the market continues to shift, it’s crucial to stay informed about trends and opportunities in real estate.
