Melbourne regains crown as busiest auction capital

Melbourne was host to 894 auctions over the past week, overtaking Sydney as the busiest capital city for auctions.

The previous week saw 646 auctions held across Melbourne, while this time last year a higher 1,533 homes were taken to auction, according to CoreLogic.

Of the 756 results collected so far, 71.7 per cent were successful, down from last week’s preliminary clearance rate of 77.1 per cent, which revised down to 70 per cent at final figures. One year ago, 74.8 per cent of reported auctions were successful.

Melbourne had the nation’s cheapest weekend auction result when $195,000 was paid for the dated two bedroom townhouse at Melton South.

In Sydney, 887 homes were taken to auction, compared to 805 over the previous week and 1,221 this time last year.

The preliminary clearance rate came in at 76.9 per cent this week, increasing from the previous week’s preliminary clearance rate of 76.2 per cent, which revised down to 71.6 per cent at final figures. This time last year, 78.1 per cent of reported auctions were successful.

Across the smaller cities, Canberra recorded the highest preliminary clearance rate at 78.4 per cent, followed by Adelaide at 75 per cent.