Melbourne's weekend auction clearance rates bounced back into the 50's

The early August Melbourne weekend auction results saw a bounce back to 57 percent on low volumes.

Melbourne’s preliminary clearance rate was 57.6 per cent, from 165 reported results. This is primarily a result of the market reaching equilibrium in the number of auctions pulled following the second COVID-19 lockdown wave.

There were 285 properties scheduled for auction, 71 of which were withdrawn.

The same weekend last year, according to Domain, had 470 listings.

Sydney’s preliminary auction clearance rate sat at 65.5 per cent, from 286 reported results.

There were 508 auctions scheduled, with 76 properties withdrawn from auction on Saturday.

On the same Saturday last year had 316 auctions.

The nation's top sale was 41 Highgate Street, Strathfield for $4,641,000, $141,000 above reserve.