Over the past seven days Australia has had the highest number of auctions ever recorded across the combined capital cities, while Melbourne auction volumes have also hit previously unseen levels.
The number of home auctions hit a record 3,967 across Australia’s capital cities in the week ended March 25, according to the latest CoreLogic property market indicator.
The prior record was for the week ended November 30, 2014 when 3,908 auctions were held.
Auction volumes during the same pre-Easter week last year, at 3,517, were notably lower than this year.
“The uplift in activity is what has historically been seen in the lead-up to the Easter period slowdown,” CoreLogic said in a statement on Monday.
Over the week, Melbourne homes under the hammer surged past 2,000, a new record and almost 25 per cent more than the same week last year.
The preliminary clearance rate at just 65.5 per cent is, despite the rush of activity, much lower compared to the 74.5 per cent success rate recorded a year ago.
The combined capital city home values retreated by 0.1 per cent for the week with 0.2 per cent and 0.1 per cent declines in Melbourne and Brisbane, respectively offset by 0.2 per cent and 0.1 per cent gains in Perth and Adelaide.
Sydney prices remained steady for ther week.
However, on a monthly basis in Sydney, home values fell 0.4 per cent and are now down by 1.8 per cent over past 12 months.