Australia's auction market recorded its busiest weekend since the COVID-19 measures were put into place, with the number of scheduled auctions going over the 1,000 mark, according to the latest figures from CoreLogic.
Over the weekend, 1,164 homes went under the hammer, returning a clearance rate of 63.3%. During the previous weekend, 711 auctions took place, which returned a final success rate of 56.2%.
"While volumes remain lower than one year ago, the gap was less significant this week, with 1,505 auctions held one year ago when 61.8% cleared," said Jade Harling, analyst at CoreLogic.
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Sydney rose as the best-performing capital city for auctions, reporting an activity for 532 homes and a success rate of 67.3%.
Strong activity was also recorded in Melbourne, which hosted 474 auctions that returned a 61% clearance rate. This was more than double the volume of auctions held in the previous weekend.
Across the smaller auction markets, Canberra was the standout, with a preliminary auction clearance rate of 75.8%, while only 20% of Perth auctions reported a successful result.
The table below shows the auction market performance of each capital city: