Australia's auction market just had its busiest week in the year, with auction volume hitting 2,610 homes, according to CoreLogic.
The combined capital cities auction market managed to record their highest auction volume since early December 2018, returning a preliminary success rate of 75.3%.
"Compared to one year ago, volumes are lower than the 2,928 auctions held over the same week last year when a much lower 47% cleared," CoreLogic analyst Jade Harling said.
The high auction volume can be mostly attributed to the surge in activity across Melbourne, where 1,528 homes were taken to auction. The city reported a preliminary clearance rate of 77.1%.
"This is not unusual over what is the pre-Melbourne cup weekend each year," Harling said.
When it comes to success rate, Sydney remained at the top with 79.7% for 761 auctions. This came after the city reported a final clearance rate of 79.2% during the previous week, the strongest final results it has seen since early 2017.
The table below shows how each capital city auction market fared over the last week:
Busiest week yet for auctions this year? |
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City |
Clearance Rate |
Auction Volume |
|
Sydney |
79.7% |
761 |
|
Melbourne |
77.1% |
1,528 |
|
Brisbane |
46.6% |
113 |
|
Adelaide |
68.0% |
124 |
|
Perth |
43.5% |
34 |
|
Tasmania |
n/a |
5 |
|
Canberra |
55.6% |
45 |
