News Summary

• The number of successful auctions in Sydney and Melbourne have dropped to the lowest in more than six years and almost five years, respectively.
• A total of 642 auctions were listed for last week, equal to the week prior but almost 17 per cent lower than the same time last year.
• The clearance rate in Melbourne dropped from 50.6 per cent to 50.2 per cent, the lowest since September 2021.
• Brisbane recorded the lowest clearance rate of the capital cities at 39.3 per cent.
• The number of scheduled auctions around Australia dropped from 1,880 last week to 1,771 this week.