Auction activity roars back to life

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After last week was a subdued one due to a public holiday long-weekend across much of the country, Australia’s auction market has roared back into action this week.

According to CoreLogic RP Data, Australia’s capital cities are scheduled to hold 2,116 auctions this week, ell up on last week’s activity.

Last week saw just 1,100 homes go under the hammer across Australia, with a final clearance rate of 65.7% being recorded, the lowest result seen across the combined capitals since mid-March

After holding just 341 auctions last week, Melbourne has bounced back to easily be the country’s busiest market this week.

The Victorian capital is set to hold 1,059 auctions this week and it will be hoping it can recover its momentum after recording a clearance rate of 64.5% last week, the lowest rate it has recorded to date in 2016.

The 10 busiest suburbs for auctions this week are all located in Melbourne, with Glen Waverley (24), Reservoir (19) and Bentleigh East (18) leading the way.

While Sydney isn’t the busiest market this week, it too has seen a solid increase in volumes.

The harbour city is set to see 749 homes auctioned this week, up from last week’s total of 469.

Sydney’s clearance rate finished at 74.1% last week, the second highest mark for the week behind Adelaide.

Adelaide finished last week with a clearance rate of 75.4%, which was the highest mark recorded in the city over the calendar year.

Last week Adelaide held 75 auctions and is this week expecting 74.

Brisbane held 142 auctions last week and is expecting 108 this week.

The Queensland capital recorded a clearance rate of 46.3% last week.

Canberra last week held 30 auctions and is this week expecting volumes to rise to 64.

Canberra finished last week with a clearance rate of 73.9%.

Perth was home to the lowest clearance rate last week at 28.6% and is expected to hold 53 auctions this week.

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