Auction numbers across Australia’s capital cities rose to 3,562 last week, marking the second busiest week of the year.
Corelogic reported a combined capitals’ preliminary clearance rate of 75.5%, down from its recent peak of 84.4% for the week ending October 3.
With the number of homes going to auction remaining high, the combined clearance rate has continued to trend downward for the fifth week in a row.
Auction numbers were 8.2% higher than the previous week when 3,292 homes went under the hammer.
Across Melbourne, 1,556 homes went to auction last week, generating a preliminary clearance rate of 74.1%.
Among the big Melbourne sellers was 53 St Vincent Place South in Albert Park, which was sold under the hammer by Greg Hocking Jellis Craig for $11.15 million.
In Sydney, there were 1,290 homes that went to auction, reflecting the city’s second busiest week of the year and its busiest week since late March.
The Sydney preliminary clearance rate fell for the fifth consecutive week to 75.1%, while the city also reported a withdrawal rate of 13% – its highest since mid-August.
One of Sydney’s biggest sales was 3 Pacific Street in Watsons Bay, which was listed by Richardson & Wrench and fetched $12.38 million.
Throughout Brisbane, there were 285 homes scheduled for auction, reporting a preliminary clearance rate of 80%.
In the Queensland capital, the five-bedroom home at 25 Mullens Street in Hamilton was sold at auction by Place – Ascot for $7 million.
In other capital cities, Adelaide reported 243 auctions and a 77.8% preliminary clearance rate; Canberra had 164 auctions and a 79.9% clearance rate; and Perth had 19 auctions and a clearance rate of 83.3%.
Looking ahead, Corelogic anticipates that auction volumes are set to rise further throughout the second half of November due to a combination of pent-up supply and seasonal factors.
Corelogic said auction volumes had increased by 79.4% since the first week of October.