Melbourne sees auction surge

By Nila Sweeney

By Robert Carry

The number of Melbourne properties to go under the hammer last week leapt to 526 from 406 in the week ending 8 October, new statistics have shown.

The clearance rate was also up slightly in the city, rising to 79.7% from 76.1% the previous week.

According to RP Data figures released today, there was also a significant increase in the clearance rate in Canberra - rising to 89.4% last week from 78.9% the previous week.

Perth showed a slight increase from 37.5% to 38.7% with reported auctions in the Western Australia capital jumping to 31 from 24 over the same period.

Adelaide also enjoyed a moderate gain - going from 61.3% to 63.3% although the number of reported auctions dipped slightly from 60 to 62.

The Northern Territory however, saw clearance rates halve from 80% to 40%. However, this was based on just 15 reported auction sales last week compared to 5 the previous week.

Brisbane increased slightly with clearance rates going to 49% from 47%, Sydney dropped off to 72.6% from 73.5% and Canberra increased from 78.9% to 89.4%. Tasmania saw a slight decline, going from 46.7% to match the Northern Territory's clearance rate of 40%.

Melbourne sees auction surge