The Sydney residential property market has had its second busiest week of auctions so far this year, with 931 homes going under the hammer.
CoreLogic's preliminary market figures show 81 per cent of the homes were sold, compared with a 74.6 per cent clearance for 843 auctions the previous week and 42.1 per cent across 844 auctions a year ago.
But CoreLogic says this week's clearance rate will likely be revised to the mid-70 per cent.
In all capital cities 2375 homes were taken to auction this week, up from 1555 the previous week, and had a preliminary clearance rate of 72 per cent.
After last week's final clearance rate dropped to 68 per cent, CoreLogic says once remaining results are collected, the clearance rate will likely be revised to below 70 per cent for the second week in a row.
For the same week last year, only 43.3 per cent of 2386 homes going to auction sold.
In Melbourne this week, 1016 homes were auctioned, returning a preliminary clearance rate of 70.8 per cent.
The previous week just 255 homes were taken to auction, with 69 per cent of them selling - the first time Melbourne's clearance rate has fallen below 70 per cent since July.
"The week before the Melbourne Cup, the Melbourne market almost stops," CoreLogic's Kevin Brogan told AAP on Sunday.
He also explained it was normal for preliminary clearance rates to be revised downwards, as typically agents reported successful sales earlier.
Elsewhere this week, Canberra and Perth had more homes go to auction than the previous week while Adelaide, Brisbane and Hobart had fewer.
Australian Associated Press
