The ANZAC Day has affected the recent auction weekend, with both volume and clearance rate declining across most states, according to latest market figures. Of the capital cities, only Adelaide saw a rise.
CoreLogic reported that capital cities hosted 2,041 auctions over the weekend, returning a preliminary clearance rate of 78.5%. These figures are below the 2,467 auctions and the 80.5% success rate recorded in the preceding weekend.
Adelaide was the only state that reported a substantial increase in activity compared to the previous weekend, with volume rising from 55 to 167.
In terms of clearance rates, Canberra registered the strongest improvement from 87.4% to 97.7%.
Despite the overall downtrend in activity, Melbourne still dominated the auction market, with 925 auctions and a clearance ate of 76.1%.
"Melbourne’s South East, Outer East and North regions were the top performing regions at the weekend all with clearance rates above 80%," said Archistar chief economist Andrew Wilson.
Sydney's auction market also posted declines in volume and clearance rates, down to 777 and 82.1%, respectively.
"All Sydney regions reported auction clearance rates above 80% at the weekend with the top performers the Northern Beaches and the North West each with super-strong clearance rates of 93.3%. The clearance rate for houses was 85.7%, with units higher this weekend at 83.0%," Wilson said.
In terms of property type, houses continue to outperform units. However, the preliminary clearance rate for houses has dipped below 80% for the first time over the weekend.
The table from CoreLogic below shows the performance of each capital city auction market: