Melbourne set for about 700 auctions this weekend as Sydney surpasses 550 mark: RP Data

The combined capital city clearance rate rebounded last week from 50.1% the previous week to 56.9%, which is slightly higher than the clearance rate recorded the week prior to the grand final weekend (56.5%). Auction volumes also increased from 746 the previous week to 1,338 last week. At the same time last year, there were 1,318 auctions held over the week and the clearance rate was recorded at a lower 44.8%.

Melbourne, Australia’s largest auction market, was host to 564 auctions last week, up from a much smaller 56 the week prior (grand final weekend). The clearance rate fell slightly from 64.5% the week prior to 62% last week.  Clearance rates in Melbourne at the same time last year were more than 10 percentage points lower at 49.9%. In Sydney, the auction clearance rate increased from 55.2% the previous week to 59.9% last week, again, much higher than at the same time last year, when the clearance rate was recorded at 47.5%.

It is expected that over the next week 1,532 capital city auctions will be held, with almost 700 auctions in Melbourne and just over 560 auctions scheduled in Sydney.

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