The first weekend of Spring selling has started strongly with active buyers driving up clearance rates right around the country.
CoreLogic data released that over 2,000 homes went under the hammer for the fourth consecutive week, with preliminary clearance rates rising to 71.7 per cent, up from 70.2 per cent the previous week.
Melbourne led the auction market with 932 homes, achieving a preliminary clearance rate of 71.1 per cent.
Sydney followed closely with 774 auctions and a strong clearance rate of 73.2 per cent.
Brisbane saw 152 auctions with a 62.1 per cent clearance rate, while Adelaide impressed with 80 per cent of its 146 auctions being successful.
CoreLogic research director Tim Lawless said results were strong given the uptick in supply.
“The preliminary clearance rate has held up amid the rise in auction volume and despite a broader rise in advertised stock levels and evidence of some momentum leaving the growth trend,” Mr Lawless said.
Ray White also reported solid results with a preliminary clearance rate of 69 per cent across the country, and Melbourne standing out at 78 per cent.
Nationally, Ray White recorded an average of 4.1 registered bidders and 2.7 active bidders per auction, matching figures from the same period in 2023.
Ray White NSW’s head of auctions, Perry Edmondson-Clark, said that competition remains strong in most areas.
“Clearance and competition remains strong, especially when properties are announced on the market at the right level, buyers are really motivated to compete against their fellow bidders,” Mr Edmondson-Clark said.
The highest sale from Ray White came from Brisbane, where a grand Tudor-style manor in Robertson sold for $6.2 million under the hammer.
In Adelaide, strong competition saw 18 registered bidders vie for a property in Parafield Gardens, which sold for $987,500.
The spring selling momentum is expected to build further, with 2,480 homes scheduled for auction next week, and around 2,780 the week after as the season gains pace.
In New Zealand, Ray White reported a 46.2 per cent clearance rate from 135 auctions, with an average of 2.2 registered bidders per auction.
Ray White New Zealand head auctioneer Sam Steele said that despite the recent rate cut announcement fading into memory, its impact on the wider marketplace has been profound, driving fiercely competitive auctions nationwide as buyers rushed to seize fleeting opportunities.
“This surge resulted in a 46.2 per cent success rate across 135 scheduled auctions, and an average of 2.2 registered bidders per auction across the country,” Mr Steele said.
“Auctions with four or more registered bidders saw success rates surpass 75 per cent, highlighting vendors’ continued confidence in the auction process, which consistently outperforms other sales methods by averaging just 27 days on the market compared to 40.5 days for private treaty sales.
He said a third of all properties listed by Ray White last week were auctioned, representing 36.4 per cent of the total nationwide listings.
“Notably, 38 offices across the country auctioned over 50 per cent of their stock,” he said.
“Auction metrics nationwide are trending upward, fuelling optimism and anticipation for an increase in available stock and renewed buyer interest in the coming weeks.”
