But combined capital city auction volume surges to 11-week high
Auction activity across Australia's combined capital cities reached its highest weekly volume since late March, even as the clearance rate fell to its weakest level in more than six years.
A total of 2,659 auctions were held across the combined capitals in the week ending 31 May, up 14.2% from 2,328 the previous week, according to Cotality data. Despite the volume increase, the weighted average final clearance rate dropped to 49%, down 2.2 percentage points week on week and the lowest recorded since the week ending 3 May 2020.
The year-on-year comparison points to a marked deterioration in buyer demand. The weighted average clearance rate came in 17.2 percentage points below the equivalent week in 2025 (49.0% versus 66.2%), while auction volumes were only marginally lower than a year earlier.
"This points to weaker buyer demand rather than reduced seller activity this season," said Annabelle Mezieres, economist at Cotality.
Melbourne hosted 1,266 auctions, up 20.5% on the prior week, with the clearance rate easing to 51.9% from 53.3% — its lowest since 9 April 2023. Sydney recorded 977 auctions, a 21.4% week-on-week increase, with its clearance rate falling to 46.5% from 49.3%.
Among the smaller capitals, Adelaide held 131 auctions with a clearance rate of 59.5%, while Brisbane held 198 auctions and recorded a clearance rate of 39.9% — its lowest since December 2022. Canberra's rate fell to 38.7% on 75 auctions, down from 46.9% the prior week. Perth held 11 auctions and was the only mainland capital to post a week-on-week improvement in its clearance rate, rising 8.3 percentage points to 54.5%. Tasmania recorded one successful result. Cotality noted that results for Perth and Tasmania should be treated with caution given low volumes.
Across the combined capitals, 993 properties passed in, representing 37.3% of total auctions, while 362 were withdrawn (13.6%). Sydney accounted for the largest share of withdrawals at 195 properties (20% of its auctions), and Brisbane posted the highest pass-in rate at 52%.
Over the five weeks of May, the weighted average clearance rate declined steadily from 55.3% in the week ending 3 May to 49% in the week ending 31 May — a fall of 6.3 percentage points. Every capital city finished the month with a lower clearance rate than it began with. Canberra recorded the steepest drop at 15.4 percentage points, while Adelaide showed the smallest decline at 2.1 percentage points.
Weekly clearance rate, combined capital cities 
Source: Cotality
Looking ahead, Cotality data shows 1,239 homes are scheduled for auction across the combined capital cities this week, a 53.4% decline on the previous week and 9.8% below the equivalent week in 2025. The week-on-week drop is consistent with reduced activity around the Kings Birthday public holiday long weekend in some states.
Melbourne is set to host 410 auctions, down 67.6% on the prior week and 13.7% below the same period last year. Sydney is scheduled for 558 auctions, down 42.9% week on week and 10.7% year on year. Among the smaller capitals, Brisbane has 137 scheduled auctions, Adelaide 81, and Canberra 39. Perth is set to hold 12 auctions and Tasmania two.
"The week-on-week drop is consistent with the upcoming King's Birthday public holiday in some states with vendors and agents typically reducing the volume of auctions around the long weekend," Mezieres said. "Combined capital auction volumes had been building in the weeks leading into the long weekend, with 2,328 auctions held over 24th May and 2,659 over 31st May, suggesting sellers remain confident to test the market despite lower clearance rates."
Volumes are expected to recover strongly the following week, with scheduled auctions across the combined capitals forecast to rise to around 2,200 — an increase of close to 80% on this week's count.
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