Sydney’s auction grows as Melbourne slumps

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Australia's auction market hit a snag last week, recording a lower number of auctions due to the AFL grand final hype in Melbourne, according to CoreLogic.

Sydney came to the rescue, reporting its highest auction volume for the year at 939. The New South Wales capital witnessed a preliminary clearance rate of 77.7%.

On the other hand, Melbourne saw a significant drop in volumes with only 103 homes taken to auction, down from the week prior when the city recorded 1,020.  The city reported a preliminary auction clearance rate of 82.5%, coming in higher than the previous week's final clearance rate of 75%.

Overall, capital cities showed a muted auction activity with only 1,262 homes going up for grabs.  However, the preliminary clearance rate remained strong at 74.4%, up from the preceding week's final auction success rate of 70.7%

Here's how each capital city performed:

Top Suburbs : upper kedron , collingwood , lockridge , bligh park , alexandria

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