Despite the Christmas season nearing its full swing, Australia's auction market continued to record strong figures than last year, according to the latest report from CoreLogic.
Over the weekend, 2,750 homes were taken to auction across the combined capital cities. While the recent auction volume was lower than the previous weekend's activity, the market was busier compared to the same period last year.
CoreLogic figures show a preliminary clearance rate of 69.2%, lower than the preceding weekend's final clearance rate of 71.1%. A year ago, the recorded 2,406 auctions yielded only 40% success rate.
"Auction activity won't pick up in earnest until early February next year as the market emerges from the seasonal festive period slowdown," CoreLogic analyst Jade Harling said.
Melbourne still reigned supreme in terms of auction volume. Over the past weekend, 1,394 homes went under the hammer in the city, with 73.2% successfully finding their new owners.
Sydney also posted a strong auction showing, with 846 auction activities and an initial success rate of 73.6%.
"The smaller capital cities returned varied results, with Adelaide coming in with the highest preliminary clearance rate of 60.6%, while only 34.4% of Perth homes sold at auction," Harling said.
The table below shows the performance of each capital city:
