Auction volumes more than halved from last year, and the clearance rate was more than 10 percentage points lower, showing the auction market is significantly softer than at this time last year.

CoreLogic recorded 1,813 auction results for the week, down from 3,517 at the same time last year.

CoreLogic's clearance rate for the combined weighted average of the five capital cities was 65.3 per cent last week, compared with 74.8 per cent at the same time last year.

The results were up on the previous week, which was Easter, when only 670 properties were auctioned, with a final clearance rate of 64.8 per cent.

Source: CoreLogic.

Sydney

REINSW president Leanne Pilkington said to WILLIAMS MEDIA, "With 775 auctions and a preliminary clearance rate of 67.1 per cent, Sydney results are still pointing to a stable market.

"There are a number of areas, including city, east, Ryde and Sutherland, achieving 70 per cent-plus clearance rates, demonstrating the ongoing strong demand in those areas.

"The consistent commentary from agents however points to lower numbers of buyers and the importance of vendors meeting realistic price expectations to achieve a sale." she said.

"I think there's a colossal number of properties selling prior to auction," Daniel Baran of Stone told WILLIAMS MEDIA.

"The eastern suburbs market is holding its own," he said.

"The urgency from buyers has gone, but if properties are priced well they are moving," he said.

Melbourne

REIV CEO Gil King told WILLIAMS MEDIA that REIV data shows there were 565 auctions on the weekend, with a preliminary clearance rate of 70 per cent.

Both figures were well down on the same period last year when 1,289 homes were auctioned with 81 per cent selling under the hammer, said King.

“While not as strong as last year, Victoria’s auction market continues to perform well with plenty of opportunities for buyers to enter the market and vendors still experiencing strong results under the hammer.

"The school holidays has certainly reduced the level of supply, with agents reluctant to list new properties until after the school break," he explained.

Craigieburn’s auction market remains buoyant with 14 of its 17 listings selling under the hammer this weekend. Wyndham Vale was another top performer with seven homes selling at auction this weekend while Cheltenham, Gladstone Park, and Mulgrave sold all of their six listings.

Anglesea was the best performing regional centre, with a clearance rate of 86 per cent from seven auctions.
 
“Auctions are gaining popularity further from the city, with regional Victoria accounting for 14 per cent of all auctions last weekend.”

Read more about auction markets:

Record auction numbers weigh on clearance rates

Sydney auction volumes up 17% on last year

Clearance rates soften in Sydney, Melbourne