An increase in auction volumes across the country last weekend resulted in a rebound in market confidence following the seasonal shutdown, with Sydney recording its highest preliminary clearance rate since July last year.

There were 929 capital city homes taken to auction last week, up from 536 auctions the week prior, with a national average preliminary clearance rate of 54%.

Melbourne was the busiest market with 352 auctions held across the city last week, returning a preliminary clearance rate of 54%. There were 321 Sydney homes auctioned, returning a preliminary clearance rate of 59%.

This was the highest rate of any capital city and also the highest preliminary clearance rate recorded in the NSW capital since the week of July 22 last year when 61% sold. Across the smaller cities, Canberra returned a preliminary clearance rate of 56%, while Brisbane came in at 43%. Adelaide experienced a lull in auction activity, with just 76 homes going to auction and 53% of them selling under the hammer.