Melbourne auction volumes jump this weekend

The REIV is expecting about 540 auctions in 212 suburbs, across Victoria and primarily Melbourne this week.

The top auction locations this week are Glen Waverley with 18 scheduled auctions, Bentleigh East (13) and Reservoir with 11 listings.

Sydney’s preliminary weekend success rate sat at 69.5 per cent, after 449 auctions, 46 withdrawals and 259 reported results.

It outdid Melbourne where Domain reported a 57 per cent clearance rate on Saturday from 272 reported results. There were 410 properties scheduled for auction, 37 of which were withdrawn.

Melbourne has the top reported result when $4.12 million was paid at a Marshall White auction of 33 Bangarra Road, Canterbury.

The five-bedroom, Federation-style home sold for $470,000 above the reserve as three bidders fought it out.

The property last sold for $521,000 in 1998.

This week, 1,226 capital city auctions are currently being tracked by CoreLogic, increasing from the 1,181 auctions held last week at final results. One year ago, a higher 1,484 auctions took place across the capital cities.

It's Melbourne tally was expecting to see a rise in activity this week, with 542 homes scheduled for auction across the city, up from the 471 auctions held last week, although down on the 635 one year ago.

Activity is set to remain relatively steady across Sydney this week, with 532 scheduled auctions, down from the 545 homes taken to auction last week and only slightly lower than the 558 last year.

The smaller auction markets are all set to see  fewer auctions held week on week, with the exception of Brisbane where scheduled volumes are higher.