The preliminary auction rate has continued to fade over the last week, reducing to 69.9% across the combined capitals.
This marks the second week running where the preliminary clearance rate has been below 70%, according to CoreLogic research.
Alongside the lower early clearance rate, there was also a reduction in volume from 2,749 to 1,629 auctions held.
This is due to a sharp drop in auctions in Brisbane from 185 in the previous week to 82, thanks to the impacts of Cyclone Alfred. Despite the weather conditions, auctions saw a 57.6% clearance rate, which is an increase from last week's 55%.
Due to the long labour day weekend, Melbourne also experienced a drop from 1,381 to 496 but was on par with the same time last year.
Sydney had the most auctions with 871 homes going under the hammer. This is down from 955 the previous week and 898 the same time last year.
Based on current data, 70.7% of auctions had a successful result in Sydney, down from 71.4%. This is the lowest preliminary clearance rate in five weeks.
The ACT had 62 auctions and earned its highest preliminary clearance rate since 23 June last year with a 75% success rate.
Adelaide had 105 auctions and recorded 61.3% as successful so far, which is the lowest preliminary clearance rate since November 2022.
