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The past weekend would have been the second biggest weekend for auctions of the year so far, had the announcement of another lockdown in Victoria, according to the latest market update from CoreLogic.
Over the weekend, 2,930 homes were taken to auction, which returned a 75.7% clearance rate.
"This is currently the third highest number of auctions we have seen this year across the combined capitals," said Caitlin Fono, analyst at CoreLogic.
Melbourne still hosted the highest number of auctions at 1,264. However, this was revised down from the earlier prediction of 1,451 auctions. The city reported a clearance rate of 72.8%.
"Looking at what has been collected so far, 20.6% of auctions were reported as withdrawn, while 48.4% of successful auctions were sold prior to auction," Fono said, adding that these figures were substantially higher than the 26% average share of auctions sold prior to the event and the 4.5% withdrawal rate.
Sydney, on the other hand, saw an increase in auction volume to 1,177 and a higher clearance rate at 81%.
Across the smaller markets, Brisbane registered the busiest weekend with 192 auctions, but Canberra remained the most successful with its 84.7% clearance rate.
The table below shows the performance of auction markets in each capital city:
