Auction activity surges in Sydney

Australia’s auction markets have achieved its busiest week so far over the past year, with activity surging in Sydney despite the severe weather, according to CoreLogic figures.

Capital cities hosted a total of 2,731 auctions over the weekend, the highest since April last year when auction volume reached 3,209. Around 82% of the recent auctions resulted in sales.

The surprise came from Sydney, which hosted 1,048 auctions. This is a significant increase from 806 over the previous weekend. Despite the severe weather, the preliminary clearance rate came in at 87.5%.

The North Sydney and Hornsby region was the busiest among the Sydney sub-regions. It hosted 174 auctions, which returned a clearance rate of 86.9%. The Northern Beaches recorded a perfect run over the weekend as all of its 72 auctions turned to a sale.

Melbourne was home to the highest number of auctions across all capital cities, with 1,319 homes going under the hammer. Around 79% of these auctions turned into a sale.

The city’s inner region hosted the highest number of auctions at 276. On the other hand, the Mornington Peninsula reported the strongest clearance rate at 88%.

Across the smaller auction markets, Canberra recorded the highest preliminary clearance rate at 85.1%, followed by Adelaide at 77.5%.

The table below shows the auction performance of each capital city:

From AustralianBroker

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