Melbourne’s auction volumes are well and truly on the rise, with 174 auctions booked last week.
Following recent data confirmations of Melbourne’s strong property rebound, SQM Research has revealed a total of 174 auctions were listed in the city last week, compared with just 35 at the same time last year.
With 100 auctions on Saturday alone, and a further 74 scattered throughout the week ending on 24 January, Melbourne’s rebound has put it on top of Australia’s auction ladder.
Recent auction data from CoreLogic revealed a strong December quarter for Melbourne, following an extended lockdown period.
Of the 7,415 auctions recorded in Melbourne over the quarter, 68.5 per cent were cleared.
Meanwhile, the combined capital city clearance rate was recorded at 69.4 per cent over the December quarter, making it the best-performing quarter of 2020, followed by the March 2020 quarter at 62.5 per cent.
Auction volumes also increased by 44.1 per cent, with 20,489 homes taken to auction across the combined capital cities, up from 14,216 over the September quarter.
Looking at state specific data, Queensland topped the ladder with 263, Victoria followed with 222, while NSW trailed behind with 99.