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As auction volumes climb and buyer engagement moderates, the market is transitioning into a phase that offers more choice for purchasers but requires a more strategic approach from sellers.
Ray White reported a preliminary clearance rate nationally of 62.2 per cent over the weekend. Nationally there were 3.3 registered bidders per auction on average on Saturday, with 2.3 bidders actively participating.
The top auction sale of the day was marketed by Ray White Collective principal Matt Lancarshire who sold 38 Moreton Street, New Farm under the hammer for $6.150 million with 4 active bidders.
The property which attracted the most bidders was at 11 Crocus Way, Ferndale in Western Australia where agent Cameron Smart from Ray White Canning River attracted 20 registered bidders on the day. The property sold for $889,000 with six of the bidders actively participating in the auction.
Ray White Chief Economist Nerida Conisbee said the weekly auction data pointed to a noticeably softer market environment, with several indicators showing reduced buyer engagement.
“Open home attendance fell to 2.6 attendees per property nationally, down from 3.2 last week and 3.0 at the same time last year. This continues the downward trend in foot traffic that has been emerging over recent weeks and suggests buyer caution is becoming more pronounced,” Ms Conisbee said.
“Buyer competition also weakened. Average active bidders declined to 2.5 nationally, down from 2.8 last week, indicating fewer participants competing at auctions.”
At the same time, auction volumes increased to 792 properties, up from 662 last week and higher than the 630 scheduled a year ago, she said.
“With more homes coming to market and fewer buyers actively competing, overall conditions have become more challenging,” Ms Conisbee said.
“The national clearance rate slipped slightly to 66.4 per cent, continuing the gradual easing seen over recent weeks.”
She said several broader factors are likely weighing on sentiment.
“Markets are currently awaiting the Reserve Bank’s interest rate decision on Tuesday, while rising fuel prices following the escalation of conflict in the Middle East are also adding to cost-of-living concerns,” Ms Conisbee said.
“These uncertainties may be prompting some buyers to pause or become more cautious in the short term.”
Despite the softer activity indicators, annual price growth remains strong.
“National median house prices are still 13.6 per cent higher than a year ago, with Brisbane, Adelaide and Perth continuing to record particularly robust gains,” Ms Conisbee said.
“Overall, the data suggests the market is entering a more cautious phase. While underlying demand remains present, buyer behaviour is becoming more measured as economic uncertainty increases.
“The coming weeks will be important in determining whether this represents a temporary pause ahead of the rate decision or the beginning of a more sustained cooling in activity.”
New South Wales
Ray White NSW CEO Tim Snell said uncertainty hadn’t been this high since COVID.
“There’s certainly no urgency. Agents are lucky to have more than one hot buyer on anything at the moment. Regional NSW markets are still positive, with sub $1 million properties still attracting plenty of buyers," he said.
Ray White NSW Head of Auctions Dave McMahon said out of the 140 auctions scheduled today, early data indicates that only 30 were actually conducted and 18 sold.
Mr McMahon said 20 per cent of the total scheduled properties were sold prior to auction, while the group also recorded a higher level of cancellations and postponed campaigns across the market.
“Today we averaged just 1.6 registered bidders per auction, highlighting a degree of hesitation from buyers. Much of this caution appears to be driven by the anticipated interest rate decision expected next week, the war in the Middle East and the fuel issues,” he said.
“Despite the lighter participation, the results under the hammer remained relatively resilient.
“Of the 30 auctions conducted, 60 per cent successfully sold under the hammer.
When combined with the volume of properties that sold prior, this lifts the overall clearance rate to a solid 81.7 per cent.”
Sold under the hammer for $2.930 million
1 registered bidder, 1 active bidder
Lead agent: Ercan Ersan - 0423 941 112
Ray White Surry Hills
Auctioneer: James Keenan, Ray White
Sold under the hammer for $950,000
8 registered bidders, 2 active bidders
Lead agent: Julie Latham - 0402 113 405
Ray White Macarthur Group
Auctioneer: Max Nell, Ray White
Ray White Macarthur Group sales agent Julie Latham said a phone bidder purchased the three-bedroom property at 57 Creigan Road, Bradbury.
“They had been phone bidding with similar properties with us for 18 months to buy a home,” Ms Latham said.
“We had over 60 inquiries across the campaign, and the property sold $20,000 above reserve.”
Sold under the hammer for $1.2875 million
2 registered bidders, 1 active
Lead agent: Joshua Cassells - 0410 504 918
Ray White United Group
Auctioneer: Alex Pattaro, Ray White
Victoria
Ray White Victoria Chief Auctioneer Luke Banitsiotis said after plenty of doom and gloom in the headlines over the past fortnight; from interest rate chatter to rising petrol prices, it was encouraging to see the market largely ignore the noise with two strong auctions at 1 Debra Court, Yallambie and 59A Orwil Street, Frankston.
“Overall, the market feels cautiously optimistic,” he said.
“When a property is priced well and presented to sell, buyer activity is strong.
“But if you miss the mark on either, the market isn’t waiting around, you’re being left behind.”
Sold under the hammer for $950,000
3 registered bidders, 3 active bidders
Lead agent - Brett Schembri - 0402 218 026
Ray White Macleod
Auctioneer: Luke Banitsiotis, Ray White
A young couple bought 1 Debra Court, Yallambie at auction today with plans to rent out the property and live in it down the track.
Ray White Macleod sale agent Brett Schembri said the campaign saw 40 groups through the property.
“Unusually we had two out of the three bidders who were investors, the other was a first homebuyer,” he said.
“This property is close to the North East Link, so it’s affected by construction.
“Once it is done, there will be parkland. People were looking at this property from a capital growth point of view.”
Sold under the hammer for $533,000
1 registered bidder, 1 active bidder
Lead agent: Abdullah El Hosari - 0424 805 545
Ray White Glenroy
A first home buyer can now call 1/7 Gladstone Parade, Glenroy home after successfully winning today’s auction.
Ray White Glenroy agent Abdullah El Hosari said the two-bedroom, two-bathroom property was beautiful and had attracted a lot of interest during the open homes.
He said only one bidder took part in the auction while a few neighbours watched on.
He said the high body corporate fees had turned a few buyers off purchasing the property.
Mr El Hosari said the couple selling the property were planning to upsize
7/191 Gordons Road, South Morang
Sold under the hammer for $563,000
5 registered bidders, 3 active bidders
Lead agent: Michael Assaad
Ray White Wollert
Auctioneer: Mike Assaad, Ray White
A young couple from regional Victoria purchased 7/191 Gordons Road, South Morang under the hammer this morning.
Rau White Wollert sales agent Michael Assaad said the South Morang area was a good “hot spot” at the moment.
“We ended up having 36 groups through the property over four weeks,” he said.
“The couple who purchased the property were first home buyers and they loved the location.
“This property is close to schools, shops and train stations.”
Sold under the hammer for $646,000
5 registered bidders
Lead agent: George Devic - 0400 022 192
Ray White Frankston
Queensland
Ray White Queensland auctioneer Tom Gunness said activity remained high across auction floors in south east Queensland today.
Mr Gunness said buyer numbers through open homes had been sporadic today but bidder numbers remain strong, showing resilience for those who are serious about purchasing.
More than $12 million worth of properties were sold under the hammer as part of Saturday morning’s Ray White Collective in-room auctions - including a property owned by former Brisbane Lions and AFL legend Simon Black.
Ray White Bulimba agent Daniel Lazzaroni said a local buyer purchased the property.
Twenty-four properties went to auction. A total of $12,708,000 were sold, with a clearance rate of 70 per cent.
Sold under the hammer for $2.125 million
2 registered bidders, 2 active bidders
Lead agent: Daniel Lazzaroni - 0427 138 906
Ray White Bulimba
Auctioneer: Haesley Cush
Simon Black’s investment property at 15 Jenolan Avenue, Hawthorne sold for $2.125 million in front of a massive crowd at the Calile Hotel. The former Brownlow Medallist lived at the house when he was playing for the Lions.
The four-bedroom, two-bathroom home features an in-ground swimming pool and open-plan living and dining areas.
The highest price achieved at the in-room auctions was 38 Moreton Street, New Farm, which sold under the hammer for $6.150 million.
Sold under the hammer for $6.150 million
4 registered bidders, 4 active bidders
Lead agent: Matt Lancashire -0416 476 480
Ray White Collective
Auctioneer: Haesley Cush
The four-bedroom, four-bathroom home at 38 Moreton Street, New Farm, sold under the hammer for $6.150 million.
Known as ‘Garnock’, the property is a living chapter of Brisbane’s architectural heritage, built in c.1895 as one of the four ‘Wilcock’s Houses’.
Ray White Collective’s Matt Lancashire listed the property as being originally designed by architect Claude William Chambers.
Garnock was thoughtfully reimagined in 2012 through an extensive, award-winning renovation by Stuart Vokes of Vokes and Peters.
The property now awaits its next chapter.
Haesley Cush, Ray White Collective CEO and auctioneer, said there was “furious competition” for 43/44 Brisbane Street, Toowong, which sold under the hammer for $857,000. The property also recorded the highest number of registered bidders on the day.
The two-bedroom, two-bathroom property is part of ‘Chandalay’, a development of 50 apartments on 6300sqm of riverfront land.
The kitchen and bathrooms were listed as having original 1979 finishes.
Mr Cush said the property needed a full renovation and was an interesting opportunity for buyers.
“The complex has a pontoon to the river. I told the crowd to buy this, you need to be handy or know people who are handy,” Mr Cush said.
“I said, you can take your picnic basket to the apartment and be right on the Brisbane River, then you can launch your canoe.”
Mr Cush said a few couples placed bids on the property.
In terms of the market, he said there were several entry level buyers looking for a property.
“Today we had two properties sell in the $850,000s,” he said.
“We saw bids above $10 million, and we had a property sell above $6.5 million.
“The residential market stood up to the challenge today - it was strong.”
Sold under the hammer for $2.3 million
4 registered bidders, 2 active bidders
Lead agent: Brandon Wortley - 0447 269 591
Ray White Bulimba
Auctioneer: Haesley Cush, Ray White
A Brisbane home with no doors and no windows also sold, as part of the Ray White Collective in-room auctions for a mighty $2.3 million this morning.
Ray White Bulimba principal Brandon Wortley said a developer purchased the one-bedroom home which was listed as a mortgagee in possession sale.
Situated across two lots, the property previously housed a grand Queenslander and was offered as having approval for three luxury townhouses that utilise the existing structure of the home, however development works halted.
Mr Wortley said there was not much to explore about the house.
“It was a fun auction - there’s so much mystique about it,” he said.
“It was on the market for 17 days. I was doing some site visits and had to get the work boots on!.”
He said there were a few owner occupiers who were looking to buy and develop the property.
“You have to keep the facade and roof line, which made it very unique,” Mr Wortley said.
Sold under the hammer for $3 million
3 registered bidders, 2 active bidders
Lead agent: Alistair Macmillan -0410 636 221
Ray White Wilston
Auctioneer: Perry Edmonson-Clark, Ray White
Ray White Wilston sales agent Alistair Macmillan said a young couple living in Clayfield bought 10 Brickfield Street, Windsor during an early morning auction, held at 8am on Saturday.
Mr Macmillan said the couple had been looking for a large block and large house.
“They had been through the property four to five times and this is what suited them,” he said.
The property is on a 759sqm block and features multiple living areas across two levels.
He said the owners had owned the property for 18 months and were happy with today’s result.
Sold under the hammer for $4.510 million
5 registered bidders, 2 active bidders
Lead agent: Alistair Macmillan - 0410 636 221
Ray White Wilston
Auctioneer: Phil Parker, Ray White
Ray White Wilston sales agent Alistair Macmillan sold a fully renovated Queenslander at
57 Evelyn Street, Grange to a couple with two children this morning.
The 810sqm property is a 1920s character home with five bedrooms and three bathrooms.
Mr Macmillan said prospective buyers were established families with younger children.
“The couple who bought this house didn’t want to leave the area, they had been looking for a substantially renovated home,” he said.
Sold under the hammer for $1.65 million
11 registered bidders, 7 active
Lead agent: Lisette Schults-Rand - 0488 518 188
Ray White Chapel Hill & Toowong
Auctioneer: Tom Gunness, Ray White
South Australia
Ray White South Australia chief auctioneer John Morris said Adelaide is “buzzing” right now.
“It really is still such a resilient and strong market so far this month, we've seen 320 auctions scheduled across the state, and once again, Ray White is leading from the front with 153 of those representing 47.8 per cent of the entire auction market,” Mr Morris said.
“That level of market share is extraordinary and it shows just how strongly sellers continue to back the option method and the Ray White agents who choose the auction method when competition matters most.”
Looking at last week's results, auction day clearance rates for South Australia as a whole sat at 71 per cent, according to Cotality data, he said.
“But when you remove Ray White from that equation, the market drops sharply down to just 55 per cent of all auctions sold on the day.
“When you look at just Ray White's numbers, they were at about 82.5 per cent for auction day clearance.
“So, the difference - 65 per cent is what many consider to be the tipping point between a seller's market and a buyer's market, South Australia as a whole sits at 71 per cent.”
Mr Morris said Ray White seems to be holding the seller's market at the moment, not only in South Australia, but within the Ray White Group.
“We have very strong numbers, crowds are turning up at auction in droves,” he said.
“We're seeing an average of 6.5 bidders per auction with more than half of those raising their paddles and competing.
“Strong engagement and exactly the kind of competitive environment that drives great results for sellers.
“Every metric is up this month, and just from a personal level, my numbers this week so far show I sold 11 from 13 of the auctions.
“My average registered bidders per auction are just above 10, which is a testament to the agents that I work with.”
Mr Morris said: “We are seeing a lot more negotiation during auctions, and in those negotiations, we are having people not moving as far as they probably were, one, two, three, four, five months ago”.
“That is possibly the fear of energy prices and the current situation. But it's still very strong. There is a little bit more fear, but not enough to stop people getting on the property ladder.”
Sold under the hammer for $1,033,000
6 registered bidders, 5 active bidders
Lead agent: Sumit Khatri - 0424 805 545
Ray White Adelaide City
Auctioneer: John Morris, Ray White
Sri Boppudi had only been looking for one month before she won today’s winning bid to secure 10 Jersey Avenue, Kilburn.
Ms Boppudi, who has two sons, said she loved the location and area, and purchased the three-bedroom Kilburn property as an investment.
“I was a bit nervous during the auction, it was a bit stressful,” she said.
“Today was our lucky day.”
Ray White Adelaide City sales agent Sumit Khatri said the house itself was not in great shape however there were a decent number of bidders at the auction.
“Not many people came through the open homes, we had about 25 groups,” he said.
He said the property was very close to local shopping centres.
“The property has the potential to be kept as an investment, or the land can be subdivided and two homes can be built on it,” Mr Khatri said.
Sold under the hammer for $730,000
6 registered bidders, 3 active bidders
Lead agent: Baldeep Dang - 0433 576 144
Ray White Hillcrest
Auctioneer: John Morris, Ray White
Ray White Hillcrest sales agent Baldeep Dang said more than 50 groups were involved in the auction campaign.
“The winning bid went to a first homebuyer (pictured above) who had been looking to enter the market for the past six months,” Mr Dang said.
“Her mother was emotional after winning the auction as it was her dream home and she no longer needed to attend open houses.”
Western Australia
Ray White Western Australia CEO Mark Whiteman said with only 2867 properties available for buyers to choose from, competition remained high this weekend with large crowds and strong bidding.
“We still have more buyers than sellers, this creates competition which is why prices continue to rise,” he said.
“We've had a very small increase in properties since Christmas, but no where near enough to quench the demand from buyers.”
29 Hutchison Street, Rivervale
Sold under the hammer for $1.4 million
11 registered bidders, 5 active bidders
Lead agents: Andrew Huggins - 0412 970 647 and Toby Huggins - 0413 756 256
Ray White Urban Springs
Auctioneer: Patrick Derrig, Ray White
More than 50 people gathered to watch 29 Hutchison Street, Rivervale sell under the hammer today.
Ray White Urban Springs sales agent Toby Huggins said interest was strong and it was a developer who made the winning bid.
“The buyer himself is going to do a development there, and a lot of the other bidders were planning to do the same,” he said.
Mr Huggins said the sellers, two sisters, shed tears after hearing their family home had sold.
Sold under the hammer for $3.840 million
13 registered bidders, 6 active bidders
Lead agent: David Whiteman - 0418 920 409
Ray White Whiteman & Associates
Auctioneer: Mark Whiteman, Ray White