A total of 1,978 homes across the combined capital cities went under the hammer during the first week of April, returning a preliminary auction clearance rate of 57.2%, according to CoreLogic.

Auction volumes were slightly lower than the previous week’s 2,164, which had a final clearance rate of 50.9%— making it the third consecutive week where the clearance rate has held above 50%. The week will likely record a similar outcome as remaining results are collected.

Over the same time in 2018, fewer auctions were held – just 1,839.  However, the clearance rate was stronger at 62.8%.

Melbourne was one of the busiest auction markets this week in terms of volume, with 899 auctions held across the city. It posted a preliminary auction clearance rate of 58.1%— down from last year’s 68.2%, when the city held 723 auctions.

Over the past week, 978 auctions were held across the city with the final clearance rate of 52.1%.

CoreLogic also reported that 740 homes were taken to auction in Sydney, down from 801 last week. The preliminary clearance rate came in at 61.9% this week— up from 54.3% last week. However, this figure will track downwards over the week, according to the data services provider.

The final clearance rate in Sydney has held above 52% for the last five weeks. During the same period last year, a clearance rate of 62.9% was recorded across 795 auctions.

Across the smaller auction markets, Canberra, Perth, and Tasmania registered an increase in the number of homes taken to auction this week, while Adelaide and Brisbane posted lower volumes week on week.