Australian Auction Clearance Rates Slip as Owners Rush Into the Market

An auctioneer counts down a bid during an auction of a residential property in Sydney, Australia, on May 8, 2021. Lisa Maree Williams/Getty Images

Successful auction rates in Australian capital cities have fallen under 70 percent as homeowners rush to list their properties to cash in on the booming market.

According to CoreLogic, 4,136 homes were taken to auction this week, making it the second busiest auction week on its records after the previous week with 4,251 auctions. During the same week of last year, there were 2,085 auctions held.