November 9, 2024: Australia’s spring auction season remains robust as major real estate markets see consistent buyer interest and high volumes of properties going under the hammer.
According to CoreLogic, Domain, and Ray White, the past weekend showcased some of the season’s strongest activity yet, with auction numbers and preliminary clearance rates reflecting a steady buyer appetite.
CoreLogic reported 2,820 auctions held over the weekend – the second-highest number of the spring season and the fifth-highest of the year.
Despite the high volume, the preliminary clearance rate reached 65.8%, a 2.3% increase from the previous week, though slightly below the spring average of 67.1%.
CoreLogic’s Research Director, Tim Lawless, noted the steady demand across the capitals, saying, “The increased auction volumes suggest sustained buyer interest, even with fluctuations in clearance rates as we move through the season.”
In Melbourne, the auction capital of the weekend, 1,293 homes went to auction, with a clearance rate of 66.5%. Sydney saw 1,073 auctions, achieving a preliminary clearance rate of 68.2%.
Domain’s data also highlights the national auction activity, noting a 59.5% clearance rate across 3,336 listings.
Domain’s report showed Melbourne’s median auction prices at $1.039 million for houses and $630,500 for units, while Sydney’s median reached $1.735 million for houses and $1 million for units, underscoring the competitiveness in key city markets.
Ray White reported active bidder engagement across their network, with an average of 3.6 registered bidders and 2.3 active bidders per auction.
Ray White NSW Head of Auctions Perry Edmondson-Clark highlighted the high bidder turnout.
“Spring continues to bring high volume, and buyer choice remains strong. With only a few Saturdays left in the year, it looks like the market will maintain this momentum to the finish line.”
One of Ray White’s most notable sales was in Leichhardt, Sydney, where a property sold under the hammer for $4.075 million with six registered bidders.
Another standout was in Heathridge, Perth, which saw 20 registered bidders and sold for $657,000, highlighting the diversity in auction performance across cities.
While smaller capitals saw varied results, they continued to show solid demand.
Adelaide posted a strong 70.1% clearance rate from 160 auctions, while Brisbane’s rate was 53.2% with 175 auctions held.
However, Canberra experienced a slowdown, with a clearance rate of 45.2%—the lowest since early pandemic levels in 2020.
Key Insights
- Strong Volumes Nationwide: CoreLogic reports nearly 3,000 auctions across Australia’s capitals, with Sydney and Melbourne leading in volumes and holding steady clearance rates.
- Price Competitiveness: Domain’s data shows high median auction prices in Melbourne and Sydney, reflecting continued demand, especially for houses in prime locations.
- Active Bidding Across Ray White Auctions: Ray White’s auctions saw high engagement, averaging 3.6 registered bidders per auction, pointing to strong buyer confidence.
- Varied Regional Performance: Smaller capitals showed mixed results, with Adelaide outperforming others, while Canberra’s clearance rate was impacted by lower demand.
With over 2,900 auctions expected next weekend, the spring auction season is anticipated to maintain its strong close, as steady buyer demand and substantial volumes set the stage for a potentially active end to 2024.
