Despite the lockdown in Melbourne, the share of successful auctions in the city rose to a sound level over last week, according to from CoreLogic.

Melbourne hosted 298 auctions over the weekend. While the city's auction volume was down from the previous weekend, the share of sales increased significantly from 55.1% to 73%.

Eliza Owen, head of residential research at CoreLogic, said the lower withdrawal rates in the city relative to the previous lockdown in April could have contributed to the higher clearance rates.

"The preliminary collection indicates only 18% of Melbourne auctions were withdrawn from the market this week, compared with a peak of 65% through the second week of April," she said.

Melbourne's Inner Region was the busiest of the sub-regions, hosting 47 auctions. However, the region with the highest share of successful transactions was Inner South, where 85.3% of the 41 auctions pushed through a sale.

Owen said the adoption of online sales methods made real estate agents and auctioneers more prepared to pivot towards a virtual auction environment.

"Furthermore, despite high levels of uncertainty, it is also interesting to see how quickly the auction market has rebounded as auction resumed across Victoria," she said. "If the last phase of lockdowns was anything to go by, the auction market and, more broadly, housing market activity, is likely to recover as restrictions are eased or lifted."

The table below shows the performance of each sub-region in Melbourne:

Melbourne’s auction market reported high clearance rates as withdrawal rates declined

Overall, Australian capital cities hosted 1,160 auctions over the weekend, returning a clearance rate of 65.9%. Sydney led in terms of volume, with 642 auctions. The most successful state capital, however, was Canberra, where 73.2% of 53 auctions turned into sales.

The table below shows the performance of auctions markets across capital cities:

Auction markets across capital cities continue to improve amid the COVID-19 outbreak