Auction volumes see YOY increase: CoreLogic

CoreLogic has released its Auction Market Preview for the week ending 14 April 2024, which revealed a 15.9 per cent increase in total auctions this week compared to the same week last year.

CoreLogic found that 1,980 homes are scheduled to go to auction this week, an increase from 1,708 auctions last year. There was, however, a marginal decrease in homes going to auction this week from 1,985 homes last week.

Melbourne is set to have the business auction week among the capital cities, with 854 homes up for auction, a 19.6 per cent increase in auctions compared to the same week in 2023 that had 714 homes go to auction.

Sydney noticed a similar trend with 854 homes set to go to auction this week, a 26 per cent increase from 678 homes set to go to auction in the same week last year.

CoreLogic revealed that the final clearance rate for last week (ended 7 April) was reported at 67 per cent across the capital cities out of 1,985 homes, the highest clearance rate since 10 March (68 per cent), up from 64.8 per cent in the previous week.

Last week’s clearance rate came off the back of the lowest clearance rate since 17 December 2023, which was 64.8 per cent in the week ended 31 March (during Easter).

The highest capital city clearance rate last week came from Adelaide at 73.3 per cent out of 122 auctions that were scheduled to go to auction. Sydney followed behind at 70.4 per cent of auctions cleared out of the 849 that were scheduled.

Brisbane had a clearance rate of 67.5 per cent out of 123 auctions scheduled, followed by Melbourne, which had a clearance rate of 62.8 per cent out of 812 homes taken to auction.

Canberra had the lowest auction clearance rate at 60.3 per cent, however, this was only out of 69 homes scheduled for auction last week.

Perth had six successful auctions out of the seven that were scheduled for last week, while Tasmania only had one auction scheduled that was unsuccessful.

[Related: Auction volumes reach 2-year high]