A preliminary clearance rate of 81 per cent has been recorded in Sydney by analyst organisation CoreLogic
Last week's low figures have been smashed this week in the auction arena.
Sydney had its second busiest auction week of the year returning a preliminary clearance rate of 81 per cent.
There were 2,375 homes taken to auction across the combined capital cities this week, up from 1,555 over the previous week.
At a glance:
Preliminary results show a clearance rate of 72 per cent, after last week’s final clearance rate dropped to 68 per cent.
Once the remaining results are collected, the clearance rate will likely revise below 70 per cent for the second week in a row.
One year ago, 2,386 auctions were held across the combined capitals, with only 43.3 per cent returning a successful result.
Melbourne
Melbourne saw 1,016 homes taken to auction this week, returning a preliminary clearance rate of 70.8 per cent.
Over the previous week, just 255 homes were taken to auction, returning a final clearance rate of 69 per cent, the first time Melbourne has seen the clearance rate fall below 70 per cent since July.
It is likely the clearance rate will revise below 70 per cent once again as results are finalised.
Over the same week last year, a clearance rate of 46.2 per cent was recorded across 1,127 auctions.
REIV president Gil King, said Mount Waverley and Craigieburn hosted the most auctions last week, with 16 and 15 listings, respectively.
“Last week Glen Waverley cleared all 11 of auctions listings, followed by Richmond selling all nine homes at auction," said Mr King.
Sydney
President of REINSW, Leanne Pilkington said more vendors were keen to hit the market to enjoy the strong prices and clearance rates experienced in Sydney over recent months.
"With 931 homes taken to auction across Sydney it marked the second busiest auction week of the year for the city," said Ms Pilkington.
"According to Core Logic preliminary results show a clearance rate of 81 per cent, which will likely revise to around the mid-70s over the week.
"The previous week saw a final clearance rate of 74.6 per cent across 843 auctions.
"In contrast, one year ago, 844 auctions were held across Sydney returning a final clearance rate of 42.1 per cent."
Canberra
The nation's capital was a dark horse coming third in the clearance rate stakes.
There were 112 properties going to auction with a preliminary clearance rate of 74.2 per cent.
Other markets
Brisbane had 142 properties go to auction with a 54.5 per cent clearance rate.
Adelaide saw 115 properties that were auctioned and a 50.7 per cent clearance rate.
In Perth there were 54 properties up for auction with the lowest clearance rate of 22.2 per cent.
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