Australia's auction market proves its durability

The result comes against a backdrop of rising interest rates, speculation around negative gearing and capital gains tax reform, and lingering uncertainty from the post-Anzac Day slowdown yet today's numbers suggest buyers are increasingly comfortable operating in uncertain conditions, provided long-term value is clear.

Ray White Group CEO, Performance and Value, Thomas McGlynn said bidder depth remaining stable was the key signal. “Serious buyers have not left the market. For sellers aligned on price, strong outcomes remain well within reach,” he said.

“The national clearance rate improved to 62.3% this week while bidder depth remained stable. This tells us that the market is still functioning well, just with a more disciplined buyer. The fact that bidder depth has held relatively steady tells us that serious buyers are still in the market and that for sellers who are aligned on pricing, strong outcomes are still very achievable.

“Sydney and Melbourne still feel measured, but Brisbane, Adelaide and Perth continue to show how strong underlying supply and demand imbalances remain. The broader economy still feels uncertain, however the Australian property market is proving its durability.

“The market is still transacting, but weaker inspection numbers this week suggest buyers are becoming more targeted, which means sellers need to pay very close attention to early campaign momentum,” Mr McGlynn said.

Buyers are still turning up, still registering, still competing and when they do, results are following. From a 159-bid hour-long marathon in Perth to a deeply personal sale in Bundoora, from a deceased estate in Sefton to a first home buy in Redfern, this weekend's auctions were a reminder that property transactions are never just about price. They are about people and people are still showing up.

The Ray White Group scheduled 445 properties to go under the hammer today, recording a preliminary clearance rate of 67.3 per cent and 62.3 per cent for the week. The group saw an average of 3.1 registered bidders and 2.2 active bidders per auction nationally today.

The top auction sale of the day was in Brisbane where Ray White Collective Luxury principal Matt Lancashire sold 31/1 Macquarie St, Teneriffe under the hammer for $6 million to a local buyer. There were four local bidders who competed for this iconic apartment in the 'One Macquarie' building.

The highest number of registered bidders nationally today was in Adelaide where 28 White Terrace, Fulham Gardens sold for $2.225 million to an investor with 18 registered bidders vying for the three bedroom home on a corner block.

Ray White NSW Head of Auctions Dave McMahon said it was another week of steady, albeit slightly lower, auction volume, with 150 auctions scheduled.

“There is no doubt it is an interesting time in the market, with the latest interest rate rise on Tuesday paired with the Federal Budget to be announced next week. This uncertainty has clearly led to buyer hesitation, as we averaged 3.2 registered bidders and 1.9 active bidders per auction,” Mr McMahon said.

“We’ve also seen more properties proceed to auction day, with only 15 per cent withdrawing and 18 per cent selling prior.

“Our clearance rate for the week remains at a healthy 63 per cent, continuing to signal that well-priced properties are still achieving strong results.”

11 Telopea Street, Redfern

• Sold under the hammer for $2.105 million (reserve $2.085 million)

• 5 registered bidders, 3 active bidders

• Lead agent: Charles Touma - 0412 455 581

• Ray White Touma Taylor

• Auctioneer: Tim Snell, Ray White NSW CEO

For a long time, 11 Telopea Street was a city bolthole, a beautifully renovated Victorian terrace on a quiet corner in East Redfern that a country New South Wales family called their Sydney home. Then came the tree change, and the decision to let it go.

Ray White NSW CEO Tim Snell took the opening bid of $1.8 million. Four registered bidders, three of them active, trading in $50,000 increments before the steps tightened to $20,000 as the number climbed. It was methodical, competitive, and ultimately decisive. The hammer fell at $2.105 million and the keys went to a young professional couple buying their first home.

For agents Charles Touma and Dalton Stewart of Ray White Touma Taylor, it was the kind of result that cuts through the current noise. “Rate rises have quieted some open homes and taken the edge off the frenzy that defined the market not so long ago. But for buyers prepared to stay patient and keep showing up, this moment is offering something the boom years rarely did, room to breathe,” Mr Stewart said.

“These buyers had less competition than they might have faced a year ago. The sellers got their number. The buyers got their first home.”

8 Wallace Street, Sefton

• Sold under the hammer $1.250 million

• 3 registered, 2 active bidders

• Lead agent: Jordon Le Breux - 0414 585 364

• Ray White Bankstown

• Auctioneer: Tony Roumanous, Ray White

Ray White Victoria chief auctioneer Luke Banitsiotis said early auction results this week were showing a clearance rate of 56 per cent, with an average of 3.1 registered bidders and 1.8 active bidders across the network so far this week.

“The number that matters most here is registered bidders. It tells us buyers are still turning up. They are doing the work, inspecting property, registering to bid and putting themselves in a position to buy. The challenge for agents and vendors is now around engagement,” Mr Banitsiotis said.

“Because registration alone does not create competition. Belief does. Buyers need to feel they have a genuine chance of owning the property. When they believe the vendor is realistic, the process is transparent and the price is within reach, they are far more likely to participate. Once they place that first bid, the whole dynamic can change.

“This week, all eyes will also be on the Federal Budget and what it may mean for investors. Any movement around housing, taxation or cost-of-living relief will naturally influence confidence and decision-making. For now, the message is clear: buyers are there. The opportunity is in giving them enough confidence to compete.”

8 Windsor Crescent, Bundoora

• Sold under the hammer for $820,000 (reserve $800,000)

• 3 registered bidders, 5 active bidders
  Lead agent/auctioneer: Andrew Mizzi - 0410 303 400

• Ray White Bundoora

Ray White Queensland auctioneer Tom Gunness said that following this week’s interest rate hike, buyers across south east Queensland continued steadfast on the pursuit of homeownership.

“Doubtless there is a disparity presenting itself between where buyers and bidders see value for property and the seller’s expectations. The decision lies with the seller on how to respond to that gap, but time very much is of the essence when making that decision,” Mr Gunness said.

“We are seeing the restraints of borrowing capacity play more of a role in negotiations leaving buyers in a predicament where they want to pay more but cannot physically increase their offers.

“Agents and home owners across southeast Queensland have experienced a buyer sentiment shift away from a ‘fear of missing out’ as more properties continue to flood the market over the last seven days.

“This increase in available dwellings is causing buyers to consider their options more carefully with less time restraints and competition in offers & bidding.

“When agents make the decision to re-introduce timeframe and competition, the market’s best price continues to reveal itself on auction day.

“Vendors that have been ready to meet the market at auction over the last number of weeks are rewarded knowing that they made the right decision.”

31/1 Macquarie St, Teneriffe

• Sold under the hammer for $6 million

• 4 registered bidders, 3 active bidders

• Lead agent: Matt Lancashire - 0416 476 480

• Ray White Collective Luxury

• Auctioneer: Peter Bergin, Ray White Collective

2 Antill Street, Wilston

• Sold under the hammer for $1.46 million

• 4 registered bidders, 3 active bidders

• Lead agent: Andy Flanagan - 0412 318 086

• Ray White Ascot

• Auctioneer: Phil Parker, Ray White

Ray White Ascot sales agent Andy Flanagan knew this one was special from the moment it hit the market.

The two-bedroom Queenslander at 2 Antill Street, Wilston had been loved, genuinely loved, by its owners since they bought it in 2022 for $1.22 million. Three years on, standing under the hammer with auctioneer Phil Parker calling the auction, that affection was about to be rewarded.

Four registered bidders. Three who stayed in it. And a final result of $1.46 million that said everything about what a well-run campaign in a tightly held suburb can still deliver.

The buyers are a young couple, stepping up from apartment living and planting roots in one of Brisbane's most sought-after pockets. The sellers, meanwhile, walk away with a $240,000 gain on a home they loved, a number that reflects not just the market, but the quality home they sold.

For Andy Flanagan, the result was confirmation of something he'd been saying for a while now. Yes, rate rises have trimmed the buyer pool. Yes, the crowds at open homes look a little different to the peak frenzy years. But four registered bidders? That's Brisbane's going rate and it's enough.

"Agents just need to continue to focus on creating competition," he said. "The process works in any market."

Ray White South Australia chief auctioneer John Morris said it felt like the market was stepping into the unknown this weekend with the budget happening next week.

“We can understand the apprehension of buyers coming into the market at the moment. Interest rates are up, petrol prices are still high. Our bidder numbers are down, our clearance rate is down but it's down from such a high and consistent vantage point that even though it seems like a slower market,” Mr Morris said.

“It's actually still a very, very strong market in South Australia. 
We have bidding at over 92 per cent of our auctions and two-thirds of properties that are going through to auction day are selling.

“Average bidder registrations of 4 with 2 of those participating. And it's still showing a lot of strength and resilience in Adelaide and its surrounding suburbs.

“What we're currently seeing is if we get an agent who can gather bidders and get a fair representation of the share of the market turning up on auction day. 


“If we mix that with a seller that is realistic about the price of their property and willing to meet the market if we can get the market there, then we're still seeing some great results on the day. We're still exceeding expectations of what the sellers are wanting. So, while I'm still selling a lot under the hammer on the day, it is getting a little bit harder. We are seeing more negotiations, but we are still seeing an extremely strong auction market and still very, very strong sales. Median house price at the moment in Adelaide is $1,026,000 yet again higher than that of Melbourne's.
 “

47 Ormond Ave, Clearview

• Sold under the hammer for $953,000

• 6 registered and 6 active bidders

• Lead agent: Vince Tropepe - 0402 112 777

• Ray White Prospect

• Auctioneer: John Morris, Ray White

Ray White Western Australia CEO Mark Whiteman said another strong listing month has seen buyers looking at a few more options when it comes to the question of what to buy.

“4459 properties currently across Perth, up 33 per cent from 4 weeks ago is good for buyers, however this is still less properties than buyers in the market as auction results showed today with most properties seeing the auctioneer's gavel fall. Whilst still a good market for sellers, recent interest rate rises have tempered what buyers are paying.”

61 Victoria Ave Claremont

• Sold under the hammer for $3.525 million

• 6 registered and 6 active bidders

• Lead agent: Caro Cunningham - 0409 992 889

• Ray White Cottesloe | Mosman Park

• Auctioneer: Patrick Derrig, Ray White