The Australian property market has closed out spring on a high note, with a surge in auction activity across the nation.
Data from Ray White, Domain, and CoreLogic revealed strong bidder participation, impressive sales figures, and a promising outlook for the weeks ahead.
Ray White’s record week
Ray White marked the year’s highest auction volume, scheduling 966 auctions nationwide last week. Of these, 491 were held on Saturday, achieving a preliminary clearance rate of 68%. On average, 3.7 bidders registered per auction, with 2.6 actively competing, mirroring numbers from a year ago.
Among the notable sales:
- Sydney: A five-bedroom home at 3 Kenneth St, Longueville, sold for $5.681 million. Despite the heat, the property attracted seven registered bidders.
- Melbourne: In Fawkner, a determined single mother of five secured her dream home at 47 Preston St for $827,500, after a 15-month search.
- Brisbane: 81 Ormadale Road, Yeronga, fetched $1.6 million, with buyers embracing its history of resilience despite prior flood events.
Ray White also recorded 23,729 attendees at open homes, with 51 potential buyers viewing a character home in Brisbane’s West End, which goes to auction next week.
Domain’s auction insights
Domain reported 3,093 auctions nationally for the week ending 23 November 2024, with a clearance rate of 59.8%. Sydney led with 64.3%, followed by Melbourne at 60.6%. Sydney also saw the week’s highest sale, with 48 Forsyth St, Killara, selling for $8.21 million.
On the affordable end, a studio in Sydney’s Potts Point sold for $475,000, while a two-bedroom unit in Melbourne’s Doncaster East fetched $336,000.
CoreLogic: preliminary trends
CoreLogic highlighted a slight improvement in auction success rates, with a preliminary clearance rate of 65.3%, up from 64.1% the previous week. A total of 2,577 auctions were held, with volumes expected to rise to 2,750 next week. The spring season’s clearance rate remains steady at 66.7%.
Key highlights:
- Brisbane: 233 auctions were held, returning a clearance rate of 56.8%.
- Adelaide: A heritage property at 55 Symonds Place sold for $1.96 million, reflecting strong interest in historic homes.
Balancing expectations
Auctioneers reported a shift in seller attitudes, with more realistic reserve prices helping to close deals. “We’re seeing a more balanced market,” said Ray White’s NSW Head of Auctions, Perry Edmondson-Clark. “Buyers are eager to secure properties before the break, and sellers are becoming more flexible.”
Looking ahead
With December just around the corner, auction activity shows no signs of slowing. Ray White has 928 auctions scheduled for next week, while CoreLogic tracks 2,750 campaigns. The market remains robust, driven by buyer demand and sellers capitalising on the late-spring momentum.
