CoreLogic's combined capital city preliminary auction clearance rate hit 77.1 percent on the weekend, despite a surge in the number of properties going under the hammer.

The clearance rate across the capital cities, at 77.1 per cent, compares with 74.1 per cent the previous week, and 70.9 per cent at this time last year.

Source: CoreLogic.

The number of auctions held was also up. A total of 3,147 properties went under the hammer this week, compared with 2,916 last week. This week's volumes was the largest since the last week of February, when 3,301 auctions were held.

Source: CoreLogic.

John Cunningham, president of the Real Estate Institute of New South Wales, was upbeat about the weekend's auction results, but warned that the winds of change are in the air.

Cunningham said some properties are languishing on the market, and not selling or taking time to sell, which could indicate a change in market sentiment.

"The pent up demand of buyers is still pushing prices and the competition is fierce on some properties, but not on others," he said. 

"It's a tale of two markets, the hot properties are still smashing reserves whilst others are just scraping over the line due to less competition between buyers or in some cases just one ready willing and able buyer," he said. 

"Despite the 80% plus clearance rates, there are signs in the wind of some changing sentiment," he observed.

Victoria's preliminary clearance rate was 79.9 per cent, according to CoreLogic. A total of 1,601 auctions were recorded.

“Melbourne’s auction market has recorded one of its strongest starts [to the year] with multiple auction records falling in February,” said Real Estate Institute of Victoria president, Joseph Walton.

“High auction volumes continued this weekend," he said, "indicating ongoing buyer and vendor confidence."

Reservoir remains one of the city’s strongest auction suburbs, according to Walton, recording a clearance rate of 93 per cent from 15 auctions held.

“Reservoir remains one of the city’s strongest auction markets, recording the highest number of auction sales this weekend.”

City of Whittlesea also performed strongly this weekend with a clearance rate of 95 per cent from 39 auctions.

In Adelaide, preliminary results show that 68.2 per cent of the 124  properties listed for auction on the weekend were sold, up from last week's 58 per cent, and one percentage point higher than a year ago.

"Adelaide prices are still trending upwards, with the underlying issue of stock shortage persisting," said the president of the Real Estate Institute of South Australia, Alex Ouwens.

Visit Luxury List to view a four-bedroom house at 3 Clearview Close, Ashwood, Victoria, which sold at auction on the weekend for $1.63 million.

Visit Luxury List to view a four-bedroom house at 63 Haldane Street, Beaumaris, Victoria, which sold at auction on the weekend for $1.67 million.

Visit Luxury List to view a four-bedroom house at 280 Serpells Road, Templestowe, Victoria, which sold at auction on the weekend for $1.625 million.

Visit Luxury List to view a three-bedroom house at 28 Jacobena Place, Templestowe, Victoria, which sold at auction on the weekend for $1.3 million.

See also:

Auction buyers undeterred by rising interest rates and higher unemployment

Auction clearances show property market at full throttle

Auction market remains on trend