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: