Can the auction market bounce back after a sub-65% clearance rate?

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All eyes will be on Australia’s auction market this weekend, after the national clearance rate fell below 65% last week.
Figures from CoreLogic RP Data have revealed that the national clearance rate finalised at 64.9% last week, driven down by a poor showing in Sydney where a clearance rate of just 61.3% was recorded from 1,024 auctions.
There are 2,603 auctions scheduled across the capital cities this week.
After a soft week last week, vendors will be hoping for a stronger performance in Sydney as volumes increase this week. 
There are 1,450 homes scheduled to be auctioned in Sydney this week, the busiest week for the city since the last week of March and well above the 1,259 held during the same week last year. 
Vendors in Melbourne may be preparing to try their luck at Flemington on Tuesday for the Melbourne Cup rather than at auction this week, with only 621 auctions scheduled this week.
That number is well down on the 1,690 held last week, which was Melbourne’s busiest for year.
The Victorian capital’s final clearance rate last week was 69.7%, making it the strongest performing city for the week.
Melbourne’s Reservoir will be the busiest suburb for the week with 20 auctions scheduled, followed by Bellevue Hill and Paddington in Sydney who will hold 18 and 16 auctions respectively.
Canberra is set to be a much busier city this week, with 131 auctions scheduled compared to the 58 held last week.
Adelaide will also see more activity, with volumes up to 155 from 103, while Perth will hold 49 auctions compared to 33 last week.
Brisbane on the other hand has a seen a weekly fall in volumes, down to 197 from 223.

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