Melbourne led the growth in the overall auction market last week after it recorded the highest auction volume and the strongest clearance rate, figures from CoreLogic show.
There were 1,022 Melbourne homes taken to auction last week, returning a clearance rate of 77.8%. Over the preceding week, the city recorded 836 auction volume and a 74.5% success rate.
Across capital cities, 1,986 auctions took place, an increase of 21% over the previous week's 1,639. The combined preliminary auction clearance rate hit 74%, up from the final result of 72.8% during the previous week.
"While we did see a pickup in auction activity this week, volumes remain lower than one year ago; over the same week last year around 400 more properties were taken to auction, although almost half of these failed to sell," CoreLogic senior analyst Jade Harling said.
Houses consistently outperformed units in terms of clearance rate over the last five weeks. The clearance rate for houses was at 74.9%, higher than that for units at 71.2%.
The table below shows the performance of capital cities in terms of clearance rates and auction volumes:
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