Melbourne home auctions plunge 56% as Victoria enforces price disclosure
Melbourne auction volumes fell 56% year-on-year to 500 homes, down 29% week-on-week from prior week.
Melbourne experienced a sharp drop in home auction numbers this week, with 500 properties going under the hammer, down 56% on the same week last year and 29% on the previous week. The fall coincides with Victoria's new reserve price disclosure rules, which came into effect on Friday and require auctioneers to publish reserve prices seven days before auction dates.
National auction volumes also fell, with 1,423 capital city homes auctioned during the week, down almost 46% year-on-year and 18.6% week-on-week. Clearance rates across the capital cities reached 51%, the highest in four weeks, with Melbourne at 56.2% and Sydney at 54.6%.
Rates below 60% are considered a sign of a falling market. National house prices have fallen 5.2% since March, according to Cotality research.
Auction activity is expected to ease further next week, with 1,240 homes scheduled.
- 56% year-on-year
- Melbourne auction volume drop
- 5.2% since March
- National house price decline
- 56.2%
- Melbourne clearance rate
- 7 days
- Reserve price publication advance
Why it mattersTransparency rules combined with a sluggish market mean fewer homes are being sold at auction, a leading indicator for property prices.
AustraliaSellers and buyers in Australia face a weaker auction market; fewer homes going under the hammer may push more toward private sale or negotiation.
Corroborated bythenightly.com.au
✓ Claims checked against the source. checked 3 h ago
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