According to new Cotality data featured in Michael Yardney's latest property chart pack, the national auction share has fallen from around 45% last November to just over 30% in June, edging closer to the long-term average of 28%.
Why? Buyer demand has eased as higher interest rates, cost-of-living pressures and budget uncertainty weigh on the market. More vendors are also selling before auction or withdrawing to avoid a failed campaign.
Sydney is down 3.7% from its January 2026 peak, while Melbourne sits 4% below its 2022 high. In contrast, Perth (+23.9%) and Darwin (+19.8%) continue to lead the country. Vendor discounts now average 3.6% across the capitals, signalling a buyers' market, while rents remain strong, up 5.9% year-on-year.
To me, this isn't a market in decline—it's a split market, and that's where opportunities emerge. I'm watching Geelong closely. What are you seeing in your area this winter?