Bumper weekend pushes Australian auction market past record mark

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Another week with more than 2,000 auctions scheduled across the country has helped the Australian auction market reach a record milestone.

According to figures from CoreLogic RP Data there are 2,639 auctions scheduled for the week, which will see the number of auctions held in the winter months to over 26,500 – a new record mark.

The number of scheduled auctions for this week is a marked increase from last week, when 2,248 were scheduled.   

Last week saw the nation’s average clearance rate take a hit, with the final rate coming in at 72.9%, down from 74.6% the previous week.

Melbourne will again be the busiest city this week, with 1,190 homes expected to go under the hammer as it hopes to seen an improvement in its clearance rate after it dropped to 74.3% last week.

The Victorian capital is also home to the two busiest suburbs this week, with Richmond to hold 24 auctions, followed by Reservoir with 21.

Sydney is close behind Melbourne’s total this week, with 1,086 auctions scheduled.

The harbour city will also be hoping to see it’s clearance rate take an uptick, after it came in at 76.2% last week, almost identical to the 76.1% recorded for the same week last year.

In Canberra, CoreLogic RP Data is currently tracking 50 auctions, a fall from last week when 75 auctions were held, but higher than at the same time last year (37).

For the fourth week in a row, Canberra’s clearance rate surpassed the 70% mark, with last week’s final clearance rate for the city recorded at 71.2%.

The number of residential auctions scheduled across Adelaide (105), Brisbane (159) and Perth (40) this week is higher than last week, while Tasmania is expecting auction volumes to remain unchanged, with 9 auctions scheduled across the state.

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