Auction volume creeps up after busy weekend of auctions across Australia’s capitals

It was a busy weekend for Australia’s auction market with every capital city except Sydney seeing a rise in the number of homes going under the hammer.

Weekly statistics released by CoreLogic keep track of auction activity across the country’s capitals and the signs are positive heading into December.

A total of 1,791 homes were taken to auction last week – the highest number since the first week of April, returning a preliminary clearance rate of 73.6% down slightly from the week prior.

Credit: CoreLogic

Melbourne saw a total of 632 homes go under the hammer, which returned a preliminary clearance rate of 77.1% – both higher figures than data that was recorded the week before.

Like previously mentioned, Sydney was the only city to host less auctions last week with 807 down from 849 the week before. The Harbour City recorded a preliminary clearance rate of 76.2% down slightly on the week before (76.6%) and marginally above this time last year (76%).

Across Australia’s remaining capital cities, Brisbane and Canberra both hosted well over 100 auctions each, with the country’s capital returning the highest preliminary clearance rate with 82.4%.

Adelaide’s clearance rate took a battering after entering into lockdown after a coronavirus scare. The South Australian capital recorded a preliminary clearance rate of 41.2% down from 80.3% the week prior.

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