Capital city auction numbers bounced to their highest level since mid-June, with 2,393 homes going under the hammer last week.
According to CoreLogic’s Caitlin Fono, auction numbers were 4.1% higher than the week prior.
However, last week’s auction numbers were almost half of what went under the hammer during the same week last year, when selling conditions were much more favourable.
The preliminary results from last week showed 61.5% of auctions were successful, down nearly 2 percentage points on the week prior.
Melbourne was the busiest auction market last week with 987 homes taken to auction.
Of the 774 results collected in the Victorian capital so far, 61% were successful, 4.5 percentage points lower than the week prior.
In Sydney, 933 homes went under the hammer last week, up almost 20% on the week before, making it the city’s busiest auction week since late May.
The early auction results delivered a 64.2% clearance rate, 3.3 percentage points lower than the week before.
Across the smaller capital cities, Brisbane was the busiest auction market this week with 154 auctions, followed closely by Canberra with 152 and Adelaide with 148.
Adelaide recorded the strongest preliminary clearance rate so far at 65.9%, followed by 62.8% in Canberra and 47.4% in Brisbane.
In Perth, three of the eight results collected so far returned a successful result, while the three auctions held in Tasmania last week were unsuccessful.
Fono said auction activity would continue to rise heading into December, with around 2,560 homes currently scheduled for auction across the combined capitals next week.