Australia’s auction market continues to navigate a period of stability, with last week marking the 11th consecutive week that preliminary clearance rates have stayed below 70%. CoreLogic reported a preliminary clearance rate of 65.3% for the week ending December 1, a modest improvement from the previous week’s 64.1% (later revised to 57.3%).
A total of 2,577 auctions were held nationwide, down from 2,898 in the prior week. Auction volumes are expected to increase this week, with approximately 2,750 campaigns being tracked.
Melbourne remained the busiest market with 1,111 auctions, returning a preliminary clearance rate of 65.2%. In Sydney, activity slightly eased with 984 auctions, but the city posted a stronger clearance rate of 68.4%, up five percentage points from the prior week.
Among smaller markets, Brisbane recorded its second-highest auction volume of the year with 233 auctions and a preliminary clearance rate of 56.8%. Adelaide experienced its lowest early success rate of the year at 66.3% from 143 auctions, while Canberra recorded a 52.7% clearance rate from 91.
As the year winds down, the interplay between buyer sentiment, interest rates, and seasonal trends will likely shape the market’s performance in the final weeks of 2024.
