With the federal election behind us and the busy selling season upon us, auction volumes are picking back up with 1,907 scheduled across the capital cities this week, according to RP Data.
Due to the election there were a revised 1,027 auctions last week, significantly lower than the previous week of 2,000.
The clearance rate is still strong, with a rate of 75.3% recorded last week, up from 71.5% the previous week.
At the same time last year there were 1,298 auctions and a clearance rate of 53.2%.
Sydney recorded its highest clearance rate in five years last week at 85.2%, up from 79.6% the previous week.
Sydney is scheduled to hold 719 auctions this week, up from a revised 316 last week but still not as strong at the previous week with 851 auctions.
At the same time last year the clearance rate in Sydney was much lower at 57.2% from 453 auctions.
Melbourne’s preliminary clearance rate last week was recorded at 74.4%, a slight increase from the previous week at 72.1%.
Melbourne held 518 auctions last week, much lower than the 837 the previous week, however Melbourne is scheduled to have a busy week with 914 auctions scheduled.
At the same time last year, Melbourne’s clearance rate was recorded at 55.1% from 579 auctions.