Auction volumes are currently tracking around 8 per cent lower across capital cities than at this time last year.
Latest figures from CoreLogic RP Data indicate the trend is most pronounced in Melbourne, which has had 27 per cent fewer auctions.
In contrast, volumes are 25 per cent higher in Adelaide and stable in Sydney.
As the entire number of auctions so far this year is similar to a large week in spring, this trend may still be easily reversed, said CoreLogic RP Data auction market specialist Robert Larocca.
“Across Australia, there are 1,713 auctions expected this week with 1,289 expected in capital cities,” Mr Larocca said.
“This is compared to 987 last week and 1,667 for the same week last year."
In Sydney, 509 auctions are expected, compared with 255 last week and 614 this week last year.
In Melbourne, 506 auctions are expected, compared with 255 last week, and 783 this week last year.
Mr Larocca noted that many prospective vendors appear to be holding back, which is contributing to a lower clearance rate.
Last week was the lowest recorded for 26 months.
“There are 103 auctions expected in Brisbane compared to 109 last week and 133 this week last year,” Mr Larocca said.
“In Adelaide, the auction market has had a very healthy start to the year so far. This week there are 88 auctions expected compared to 94 last week and 58 on the same week last year,” he said.
In Canberra, 51 auctions are expected, compared with 69 last week and 41 this week last year, while in Perth 23 auctions are expected, compared with 31 last week and 26 this week last year.