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Melbourne and Sydney continue to be head and shoulders above the rest of the capital cities in terms of auctions as they hosted almost 87% of all auctions over the weekend, according to the latest report from CoreLogic.
Of the 3,791 auctions over the weekend, 3291 were from the two cities. Overall, this was the busiest auction week since the week prior to Easter in 2018, when 3,990 capital city homes were taken to auction.
Sydney was the most successful market over the weekend, with 89.1% of 1,392 auctions turning into a sale. The city's final clearance rate has topped 80% for the past seven weeks.
In terms of volume, Melbourne hosted the highest number of auctions at 1,899.
Overall, the success rate of auctions across capital cities was at 84.4%. Over the same week last year, a final clearance rate of just 37.3% was recorded across the combined capitals as withdrawal rates surged amid COVID-19-related restrictions.
Across smaller markets, Canberra had the highest clearance rate of 86.3% for 119 auctions.
Around three in four auctions were for houses. The house segment recorded a clearance rate of 87.2%, higher than the unit segment's 75.4%.
The table from CoreLogic below shows the performance of each capital city auction market:
