Sydney witnesses busiest week for auctions

By Gerv Tacadena

Auction market in Sydney rose the best.

Sydney recorded its busiest week for auctions this year last week, figures from CoreLogic show.

The city witnessed 939 auctions, returning a preliminary clearance rate of 77.7%. During the preceding week, Sydney recorded an auction volume of 646 and a clearance rate of 72.7%.

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However, the strength in Sydney was not able to offset the huge decline in Melbourne — over the previous week, only 103 homes were taken to auction, down from 1,020. The lower volumes returned a preliminary auction clearance rate of 82.5%, coming in higher than the prior week’s final clearance rate of 75.6%. The lull in Melbourne auction market was due to the AFL grand final hype.

Overall, there was a significant drop in the number of auctions across the combined capital cities, with 1,262 homes taken to auction, down from 1,983.

The table below shows how each capital city performed:

CoreLogic Auction Results September 30

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