Why sellers are ditching auctions as Australia's property market weakens

Sellers in Australia are increasingly moving away from auctions as the property market softens, particularly in Sydney and Melbourne. The article argues that auctions depend on having multiple motivated buyers willing to compete, an ingredient that has grown scarcer as higher interest rates, tighter borrowing capacity, and economic uncertainty weigh on confidence. Data cited from Cotality for the Australian Financial Review show that the share of newly listed capital-city homes scheduled for auction fell from 40.4% at the market peak in March to around 25%. Auction clearance rates are hovering around the low-50% range, and open-home attendance has weakened, with some auctions drawing only one or two registered bidders—or none.