Auction numbers across Australia fell to 1,471 last week, down 23% compared to the previous week, according to CoreLogic. 

It was the quietest week since the Queen’s Birthday long weekend in July, with each of the capital cities recording a decline in auction activity.  

The national preliminary clearance rate inched higher to 59.5% from the 1,169 results collected so far, up from 58.8% recorded in the previous week.  

In comparison, 74% of auctions held during the same week last year were successful. 

In Melbourne, there were 620 auctions held last week, down 23.4% compared to the previous week. 

The Victorian capital recorded a 61.7% preliminary clearance rate from the 522 results collected so far.  

Sydney had its quietest auction week since January this year, with only 476 homes going under the hammer. 

Sydney posted a preliminary clearance rate of 60.6% from 381 results, marking the first time it had exceeded the 60% mark in months.  

The city’s withdrawal rate was 23.9% last week, remaining above 20% for the seventh consecutive week.  

In Brisbane, there were 153 auctions held last week, producing a 45.7% preliminary clearance rate.  

Adelaide, which held 146 auctions, recorded the strongest preliminary rate at 65.6%.  

There were 67 auctions held in Canberra, with 49.1% reporting a successful result. 

Nine auctions were held in Perth last week, where three of the five results collected were successful. Tasmania didn’t hold any auctions last week.  

The auction slowdown comes as national home values fell by 2% during the three months to July, which accelerated from a -0.2% fall in the June quarter. 

CoreLogic said dwelling values in Australia were 8% higher over the past 12 months, down from a cyclical peak of 22.4% recorded in the 12 months to January 2022. 

Home sale volumes were starting to ease from recent highs, with CoreLogic estimating that there were 581,138 sales nationally in the 12 months to July, holding relatively steady compared to the previous year.