Busy auction weekend for Melbourne

By Gerv Tacadena | 27 Oct 2020

Auction markets across capital cities continued to strengthen over the weekend, as Melbourne clocked its busiest week since July, according to new data from CoreLogic.

Capital cities hosted 1,456 auctions over the weekend, returning a success rate of 76.2%. While these figures are higher than last week, they still paled in comparison to the results during the same period last year, which posted a volume of 2,622 and a 72.2% success rate.

Still, auction markets appear to be returning to normal levels after Melbourne reopened its housing market. Over the weekend, 505 auctions took place in the city, with a clearance rate of 72.6%.

"This makes it the busiest week the city has seen since July and also the largest number of auctions held across Melbourne on a grand final weekend historically," said Jade Harling, analyst at CoreLogic.

Sydney remained the biggest driver of auctions across capital cities — it held 712 auctions, 80% of which turned into a sale.

Across smaller markets, Canberra was the most successful in terms of volume and clearance rate. Auction volume in the city hit 94, returning a success rate of 84%.

The table below shows the performance of each capital city:

Auction markets are returning to normal levels of activity as Melbourne reopens its housing market.

Top Suburbs : redcliffe , albion , alexandria , east victoria park , north lambton

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