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Australia's auction markets reported strong take-up over the weekend despite lower listings, according to the latest market update from CoreLogic.
Capital cities hosted 1,587 auctions over the weekend, lower than last week's 2,437. The level of activity, however, was higher than during the same time last year.
"The lower volumes this week can be attributed to the four of the states and territories welcoming a public holiday on Monday, including Melbourne where volumes are down substantially over the week," said CoreLogic analyst Jade Harling.
There were only 477 auctions in Melbourne, significantly lower than the 1,299 auctions the city recorded in the preceding weekend. Still, Melbourne reported a high proportion of successful sales at 80.9%.
The relatively lower level of auction volume across capital cities resulted in a robust clearance rate of 84.5%. Canberra reported the highest rate of successful auctions at 91.5%, followed by Sydney's 86.7%.
Sydney took over Melbourne as the busiest market, hosting 812 auctions.
“Last week, a higher 844 auctions were held with an 85.3% final clearance rate and one year ago 830 auctions took place and a 75.2% success rate was achieved,” Harling said.
The table below shows the auction market performance of each capital city:
