Australian national auction volumes down 19.2%

• National auction volumes in Australia dropped by nearly 20% year-on-year to 1,273 listings.
• The preliminary national clearance rate remained weak at 53.6% across the country.
• Cotality stated that fewer vendors are choosing auctions as a primary method of property sale.

Data provider Cotality reported that national auction volumes in Australia fell 19.2% year-on-year to 1,273 listings.

This represents the eleventh consecutive week where auction volumes were lower relative to the previous year.

"That is typical of a downturn," said SQM Research founder Louis Christopher.

National Australia Bank (ASX:NAB) previously revealed that overall demand for new home loans dropped 15% over three months.

Following the announcement, the NAB share price was unchanged at $41.33.

Industry experts attribute the current vendor retreat to weaker clearance rates across major markets like Sydney and Melbourne.