A total of 2,041 homes were taken to auction across the combined capital cities this week, after volumes dropped to 930 in the previous week due to the federal election. Current volumes, however, were lower than the 2,297 auctions held during the same time in 2018.

Preliminary results showed a clearance rate of 62.6% – though this will likely decline over the week. The final clearance rate last week came in at 55.2%, making it the highest clearance rate logged since September of last year. CoreLogic reported that this week’s final clearance rate might surpass the records as soon as the remaining results are collected.

The final clearance rate was recorded at 56.2% over the same week last year.

Melbourne posted a preliminary auction clearance rate of 62.9% across 971 auctions this week. The results are higher than last week’s figure of 432 auctions, with a final clearance rate of 60.7% This time in 2018, 1,132 homes went under the hammer across the city, returning a clearance rate of 59%.

Sydney, which is known to have one of the busiest auction markets in the country, recorded 697 auctions. The city logged a preliminary clearance rate of 69.9%.  Week-over-week, the figures rose from 276 auctions a final clearance rate of 56.5% One year ago, 814 auctions were held across the city, and the clearance rate came in at 56.1%.

“There is a chance that this week’s final clearance rate may just be able to hold above 60% after Sydney has seen the final clearance rate sit above 55% for the lastthree weeks,” CoreLogic said.

Auction volumes increased week-on-week across all smaller auction markets. Preliminary results showed that clearance rates were down slightly over the week in Brisbane, while all other cities saw a rise.