Black Friday weekend sees auction activity in Melbourne surge

Auction activity across Australia’s capital cities spiked last week as Black Friday sales got buyers in the mood for a bargain!

Weekly auction activity data released by CoreLogic shows which city is leading the country’s auction market, and there was a change at the top of the pile last week…

Credit: CoreLogic

A total of 2,155 homes were taken to auction over the last seven days, some 350 more than the week prior. Of the 2,155, 73.9 per cent have recorded a successful result so far which is a slight rise on last week’s preliminary clearance rate of 73.6 per cent.

By overtaking Sydney as the busiest capital city in terms of auction volume, Melbourne now leads the way after it hosted 894 auctions. Of that figure, a preliminary clearance rate of 71.7 per cent has so far been recorded.

Sydney was close behind with 887 homes scheduled to go under the hammer which returned a preliminary clearance rate of 76.9 per cent.

This time last year Melbourne hosted 1,533 auctions and Sydney hosted 1,221, so the effects of COVID-19 are still evident when compared with data from 2020.

Across Australia’s smaller capitals, Canberra continues to post consistent results, with 117 homes returning a preliminary clearance rate of 78.4 per cent.

Brisbane and Adelaide both saw an increase in their auction volume and clearance rates bringing a close to a busy spring season.

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