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Super Saturday set to deliver auction boost

Super Saturday set to deliver auction boost

Australia’s capital cities will see their busiest auction week since November, with most auctions to take place on a "Super Saturday" that falls between two public holiday weekends.

With Easter celebrations to fall the following weekend, and Melbourne, Canberra, Adelaide and Hobart marking long weekends last week, 3,369 capital city auctions are scheduled for the week ending this Sunday, according to CoreLogic RP Data.

It's the highest number of weekly auctions seen since the last week of November, when 3,729 capital city homes were slated to go under the hammer.

Each capital will see its busiest auction week of the year so far, CoreLogic reports.

Melbourne is poised to regain its title of Australia's auction capital, having temporarily lost it to Sydney, with 1,701 auctions slated compared to 1,074 in the NSW capital.

Brisbane will host 257 auctions, followed by Adelaide with 137, Canberra (117) and Perth (74). Those numbers are up substantially on the previous week's auction activity in each city.

Sydney and Melbourne head into Super Saturday with finalised weekly clearance rates of 71.2% and 68.6% respectively. Sydney's strongest sub-regions for auction sales were Ryde, the northern beaches and eastern suburbs, each of which cleared more than 80%.

In Melbourne the Mornington Peninsula saw 82.1% of auctions clear (though off a much smaller volume base than usual given the Labour Day holiday).

Auctions continue to struggle in Sydney's outer-ring areas, however. Only around 44% of all auctions held in the Parramatta and south-west sub-regions successfully cleared last week.

With Melbourne regaining its auction capital title, the top five busiest individual suburbs for auction this week are all located there. The inner eastern suburbs of Glen Iris, Kew and Hawthorn will host 29, 26 and 24 auctions respectively, while the north-eastern suburbs of Reservoir and Northcote will host 26 and 23 auctions.

The Sydney harbourfront suburb of Mosman will see 21 auctions this week, the most of any suburb outside Melbourne.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.