Activity levels are retreating alongside buyer appetite. The 1,748 auctions recorded for the week ending June 28 represent a 14.5% decline compared to the same period last year. Of those listings, 662 properties failed to reach a reserve price, while 299 were withdrawn entirely, leaving roughly 55% of sellers without a completed transaction.

Sydney and Melbourne remain the epicenter of the downturn, bearing the brunt of the cooling demand. Sydney recorded 162 withdrawals, while Melbourne saw 327 properties passed in. Economists attribute the slide to a combination of higher interest rates and recent tax adjustments for investment properties, creating a bearish outlook for home values that could persist well into next year.