Home auctions take a hit with price disclosure rules

Key points

• Fewer homes went under the hammer across the nation's capital cities last week, with Melbourne recording the steepest fall. Data from Cotality showed Melbourne auction numbers dropped 29 per cent on the previous week after Victoria introduced rules requiring reserve prices to be published a week before auctions.
• Overall capital city clearance rates rose to 51 per cent, the highest in four weeks. Cotality said national house prices have fallen 5.2 per cent since March.
• Fewer auctions are also scheduled for the coming week, with Melbourne numbers down 70 per cent on the same time last year.