Preliminary auction clearance rates fell across most capital cities over the weekend of 26 September, with the weighted average dropping to 50.3%, the lowest in 10 weeks, according to Cotality data released by its head of research, Tim Lawless (pictured).
The softer result comes days before the Reserve Bank (RBA) announces its decision on 29 September 2026, with a rate rise widely expected, and possibly more to come.
Auction volumes also fell. Cotality recorded 1,428 capital city auctions, down 22.4% on the previous week and 17.7% on a year earlier.
Melbourne and Adelaide recorded the weakest results. In Melbourne, a long weekend cut auction numbers by almost 70%, and the preliminary clearance rate fell from 56.3% to 48.8%, its weakest reading since the first week of September 2021. Adelaide's clearance rate dropped 18.9 percentage points to 39.3%, only the second time this year it has fallen below 40%.
Sydney and Canberra held up better. Sydney held 790 auctions, up 39% on the week before and its busiest week since late May, with a clearance rate of 53.6%, an eight-week low but above the city's winter average of 52.9%. Canberra came in at 53.8%, also above its winter average of 45.4%.
Brisbane improved to 42.6%, although the city has stayed below 50% in 18 of the past 19 weeks.
Ray White's network, which reports its own figures nationally, painted a firmer picture. It scheduled 929 auctions, almost 50% more than the week before and its highest weekly volume since the first week of July, and recorded a preliminary clearance rate of 51.6%. It averaged 2.2 registered bidders and 1.6 active bidders per auction.
Thomas McGlynn, Ray White's chief executive of performance and value, said bidding remained active even at properties that were ultimately passed in, a sign that buyer and seller expectations don't always meet on auction day. He said buyers could afford to be choosier on price as spring stock builds, adding that "confidence exists and buyers are prepared to act when value appears."
In Queensland, Ray White head of auctions Tom Gunness said registered bidder numbers held up despite the looming rate rise. "Genuine sellers are meeting the market and making the decision to move," he said.
Ray White Victoria and Tasmania chief auctioneer Luke Banitsiotis said the group's 45-day clearance rate for the July to September quarter was 63% for auctions, compared with 45% for private treaty sales. Those figures are down 7 and 4 percentage points respectively on the April to June quarter.
First-home buyers featured among the successful bidders at several Ray White auctions in Sydney and Melbourne, the group reported.
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