It appears there was a “hype" in two of the biggest auction markets in Australia as listings and clearance rates remained on an upward trajectory over the weekend, according to the latest market report from CoreLogic.
Over the weekend, 2,933 capital city homes were taken to auction, returning a preliminary success rate of 77.1%.
"Auction markets are passing the test of higher volumes with strong results, with volumes reaching similar levels to those seen around the end of last year over the seasonal hype pre-slowdown period," said Jade Harling, an analyst at CoreLogic.
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Melbourne led in terms of volume, recording auction activity of 1,567 with a clearance rate of 77.1%. This was the busiest week for auctions in the city since October 2018.
Inner Melbourne is the most active region in the city, with an auction volume of 346.
Sydney remained the top capital city for successful auctions, with 81.4% of 1,045 auctions pushing through. Amongst the city's regions, the busiest were Eastern Suburbs, North Sydney, and Hornsby.
Across smaller markets, Perth remained the weakest, recording only 17 auctions and a clearance rate of 37.5%.
On the other hand, Canberra reported the strongest success rate at 67.7% for 82 auctions, followed by Brisbane's 63.2%, and Adelaide's 62.7%.
The table below shows the auction performance of each capital city:
