Property Auction Clearance Rates in Adelaide for 2024

2024 has been a mixed bag for the Adelaide’s property market, with auction clearance rates showing some signs of softening. However, we have seen some fantastic records being broken for prices achieved in some of the once not so popular suburbs.
Clearance rates, which reflect the percentage of properties sold at auction, have fallen this year. In January, clearance rates were over 75%, but at the moment that number now seats at 61%.
So, what’s causing the drop? Rising interest rates and inflation are hitting buyer confidence, making it harder for sellers to achieve the prices they want. More properties are being passed in, leading to some uncertainty in the market.
Experts predict that this trend could continue into the final months of 2024, leaving sellers and buyers alike navigating a more cautious market.
But people don’t need to despair because properties that are correctly priced are still moving quickly.
I make a note of spending that extra time to research a property thoroughly so that the owner knows they are going to sell at a premium in the current market conditions.