Auction markets in capital cities remained on the rise over the weekend, with Sydney and Melbourne seeing high levels of activity, according to the latest figures from CoreLogic.
Over the weekend, capitals hosted 1,758 auctions, which yielded a preliminary success rate of 73.2%, higher than last year's 70.6% liquidation rate
Sydney remained the busiest market, hosting 853 auctions. The city achieved a success rate of 78.6%.
The recovery continued in Melbourne after weeks of lull during the Stage Four foreclosure, with activity reporting in the city's auction market for 606 homes. The success rate in the city also remained high at 71.8%.
In smaller towns, Adelaide recorded the highest preliminary release rate at 77.8%, followed by Canberra with 76.2%.
The table below shows the performance of the auction markets in capital cities:
Caitlin Fono, analyst at CoreLogic, said the broader trend in auction markets is consistent with other indicators indicating some momentum in the real estate market recovery.
"Home values ??now tend to rise in all capitals including Melbourne, average time to sell has declined and mortgage activity has rebounded strongly," she said.
Australian house prices have started to recover eight months since the start of the COVID-19 pandemic, with all capitals except Melbourne posting gains in October.
The latest figures from CoreLogic show a monthly growth of 0.4% in the median house price in October, with Adelaide and Darwin recording the highest gains at 1.2%.
As prices in Melbourne have fallen over the month, projections for the city's performance over the next few months are strong, said Tim Lawless, head of research at CoreLogic.
"Based on this recent trend in housing value and activity, it seems likely that Melbourne will follow other capitals towards a recovery over the next month," he said.
Top suburbs:
toowong
,
greenwood
,
south cardiff
,
woolloongabba
,
coolbellup
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