Australia's auction market witnessed its second-busiest weekend this year, with 2,837 homes going under the hammer across the combined capital cities, according to the latest report from CoreLogic.
The auction volume over the weekend remained strong, returning a preliminary clearance rate of 74.5%. This came on the heels of the previous weekend's auction numbers of 3,206, the highest so far this year.
"Auction markets have been tested on higher volumes over the past few weeks, with the highest number of auctions held so far this year," said CoreLogic analyst Caitlin Fono.
Melbourne was still the busiest capital city, with 1,491 auctions. The city reported an initial success rate of 75.3%. During the previous week, 1,533 auctions returned a final clearance rate of 74.8%.
Sydney reigned supreme in terms of success rate — of the 936 auctions, 78.1% were successful. Over the preceding weekend, the city witnessed 1,221 auctions, with a final clearance rate of 78.1%.
"Despite higher supply levels, clearance rates have held above 70% across the largest markets, demonstrating the market has some depth and sellers remain in a strong position," Fono said.
The table below shows the performance of each capital city:
