Sydney and Melbourne weekend auctions busiest since April
Auction activity rose last week with a total of 2,536 homes taken to auction across the national capital cities.
It was up on the 2,085 auctions held the prior week with around 74 percent selling under the hammer.
Over 1,000 homes were taken to auction across both Melbourne and Sydney over the week, the busiest week the cities have seen since early April.
Typically auction markets would be winding down after the second week of December, however this year auction activity is set to remain high leading into the festive period, with around 2,300 auctions to be held over the coming week, Tim Lawless the head of research at CoreLogic advised.
The priciest of the pre-Christmas weekend listings was in Dolans Bay in Sydney (pictured main) which saw the preliminary clearance rate at 76.5 per cent.
The nation's cheapest sale was a $290,000 one bedroom apartment at Tullamarine in Melbourne which saw a preliminary clearance rate of 73.5 per cent, compared with a preliminary rate of 73.6 per cent a week earlier, which was revised down to 67.7 per cent after collection of the final results.
Across the smaller markets, Canberra recorded the highest preliminary clearance rate of 87 percent across 113 auctions, followed by Adelaide with 76 percent success across 96 results.
Adelaide saw a $3.9 million trophy home sale through South Australia Sotheby’s agent Grant Giordano who after marketing the home for the past year decided to go to auction given increased competitive interest.
It was initially scheduled for the weekend when Adelaide went into lockdown last month.
The Adelaide Hills home, designed by architecture firm Woods Bagot to curve into the landscape, was built in 2013, with a pool and tennis court in its 2.6 hectare grounds.
It won the South Australia Institute of Architects award in the new home category.
It sold to an international buyer with permanent residency.
The final weekend before Christmas sees about 2300 auctions scheduled with 1350 being in Melbourne.