It was the sixth busiest week for auctions last week, with 2,794 properties going up the hammer, compared with 2,409 auctions the previous week, according to CoreLogic. But pent-up demand meant clearance rates still rose.

The preliminary weighted average clearance rate across the capital cities was 77.2 per cent, a significant increase on the previous weeks' final clearance rate of 72.8 per cent - despite the higher volumes.

For the same week last year, both volumes (1,920) and the clearance rate (68.9 per cent) were lower.

Clearances rates in Melbourne and Sydney rose.

Sydney achieved a preliminary clearance rate of 80.7 per cent. For the previous week, Sydney's clearance rate was revised down from a preliminary result of 79.4 per cent to a final result of 74.5 per cent. CoreLogic said when the final clerarance results are released later in the week, it is usually lower than the preliminary result.

Brisbane was the only city to record a lower preliminary clearance rate last week.

Source: CoreLogic.

Real Estate Institute of Victoria's president Joseph Walton, told SCHWATZWILLIAMS the Institute's figures show 995 auctions were held last week, achieving a preliminary clearance rate of 80 per cent. Both volumes and the clearance rate were up on the previous week.

“Auction volumes and sales bounced back this weekend,” said Walton.

“Melbourne’s south east experienced a high level of auction activity this weekend, accounting for almost a third of the state’s volumes and sales," he said.

Key suburbs were Bentleigh East, Cheltenham, and Glen Iris with 11 auction sales in each.

City of Glen Eira recorded the highest level of auction activity this weekend, with 69 auctions held and 60 sales. City of Knox had the strongest clearance rate, at 91 per cent. Essendon was the top performing suburb this weekend with 12 auction sales.

Regional towns experienced one of their strongest clearance rates of the year, with 75 per cent of properties going to auction selling.

“Vendors in East Geelong are almost guaranteed success at auction this year with a 100 per cent clearance rate recorded from 21 auctions – one of the highest statewide," said Walton.

The Real Estate Institute of New South Wales' president, John Cunningham, told SCHWARTZWILLIAMS, the market was not put off by an increase in stock.

"With stock levels up considerably in the last month to the tune of 20%, the Sydney market responded very favourably to the greater choice of stock," he said.

Cunningham said new stock is essential to stabilise the booming Sydney market.

"The market desperately needed the injection of new properties to stabilise prices," he said.

"Although we are seeing in general less bidders per property prices are holding firm and the pent up demand from buyers in the highly desired locations is still seeing new benchmarks set," concluded Cunningham.

Alex Ouwens, president of the Real Estate Institute of South Australia, told SCHWARTZWILLIAMS, the Adelaide market continues to strengthen.

"May and June are firming up to be big selling months," he said, after the holidays in April "halted" the "momentum" of the market.

Top sales

The top Victorian auction sale last week was a four-bedroom home at 28 Kintore Street, Camberwell. The property sold for $5,020,000 through Jellis Craig Boroondara Group. View the property on Luxury List here.

Read more about weekly auction clearance rates:

Strong auction clearances hose down cooling theory

Auction clearances indicate real estate market could be drifting lower

Auctions bounce back after holiday hiatus