Melbourne Cup weekend pulls the reins on auctions as numbers dwindle: RP Data

Following a busy selling weekend, auctions are taking a back seat again this week as we prepare for another public holiday, with only 1,535 auctions scheduled across the capital cities, according to RP Data.

There were a revised 2,928 auctions held across the capital cities last week, up from 2,370 the previous week.

The national clearance rate was recorded at 72.5% last week, up from 70.4% the previous the week.

At the same time last year, there were 1,344 auctions and a recorded clearance rate of 53.1%.

Melbourne was bustling last week with 1,614 auctions held, up from 1,124 the previous week.

The preliminary clearance rate last week was recorded at 72.3%, up from 68.6% the previous week.

With one of the busiest holidays of the year in Melbourne – Melbourne Cup weekend – only 162 auctions are scheduled this week.

At the same time last year the clearance rate in Melbourne was recorded at 61.5% from 567 auctions.

Sydney auctions are continuing to climb with 921 auctions recorded last week, up from 913 the previous week.

At the same time last year Sydney held 519 auctions with a 55.6% clearance rate.

Sydney is scheduled to hold 1,032 auctions this week.