Residential auction clearance rates remained much the same as last week, rising just 0.1 per cent according to Australian Property Monitors (APM).
While clearance rates remained stable, the number of reported auctions increased dramatically, with 650 more auctions in Melbourne this past weekend compared to the week before.
Enzo Raimondo, CEO of the Real Estate Institute of Victoria (REIV) claims that the spike will continue with an expected 1,210 auctions for next weekend.
“This is likely to be the fifth biggest weekend on record,” Mr Raimondo said.
Sydney’s clearance rate rose from 69.8 per cent to 75 per cent while the number of properties under the hammer increased by almost 20 to 456.
Adelaide dragged the national average down after residential clearance rates dropped by 10.3 per cent this past weekend.
Clearance rates have improved from the same week last year, with overall clearance rates increasing by eight per cent.