Australia’s spring auction market is ending on a subdued note, with clearance rates falling sharply despite an increase in properties going under the hammer, although fresh figures suggest buyers have not abandoned the market.
Cotality’s latest weekend results show 1,888 auctions were held across the combined capital cities in the week ending 15 November, an 11.4 per cent increase on the previous week but still 41.1 per cent below the same period last year.
The preliminary clearance rate fell to 44 per cent, down from 51.5 per cent a week earlier and the lowest preliminary result since April 2020.
According to Cotality Research Director Tim Lawless, the result was also well below the spring average of 50.4 per cent and winter average of 52.3 per cent, highlighting the continued weakness in auction conditions.
However, separate figures from Ray White show buyers are still actively inspecting properties, with the network recording its busiest week of open-home attendance for 2026.
Across Australia, 31,635 people attended 16,731 Ray White open-home inspections during the past seven days, suggesting buyer interest remains despite fewer properties selling at auction.
Ray White CEO Performance and Value Thomas McGlynn said buyers were approaching the market with less urgency and greater willingness to negotiate.
“What’s important to recognise is that buyers are still making decisions, but they’re doing so with a different level of urgency and a greater willingness to walk away.
“We’re seeing that play out differently across the country, with Melbourne recording a clearance rate of 53.1 per cent, Sydney at 46.7 per cent and Brisbane at 21.4 per cent, reinforcing that national market conditions don’t necessarily translate into the same experience for every seller.”
Buyers are becoming more selective
The latest figures reinforce research from REA Group Senior Economic Analyst Megan Lieu, who says the traditional spring increase in auction activity and clearance rates has failed to materialise this year.
In her analysis, Ms Lieu found national auction clearance rates had averaged 41 per cent since the beginning of spring, compared with a five-year spring average of 54 per cent.
Sydney’s average was 40 per cent against a five-year benchmark of 55 per cent, while Melbourne recorded 52 per cent compared with its historical spring average of 60 per cent.
Brisbane’s clearance rate averaged just 23 per cent, considerably below its five-year spring average of 42 per cent.
Ms Lieu attributed the weaker results to higher interest rates, reduced borrowing capacity and a continued gap between what buyers are prepared to pay and what sellers expect to achieve.
She also identified a shift away from auctions, with private treaty sales becoming a more prominent part of the market.
In Sydney, auctions accounted for 13.2 per cent of preliminary sales so far this spring, down from 17.5 per cent over the corresponding period last year.
Melbourne recorded a similar change, with the proportion of sales conducted through auction falling from 23.7 per cent to 15.7 per cent.
The shift suggests sellers are increasingly favouring private treaty campaigns as buyer competition weakens.
Ms Lieu’s analysis also found properties were taking longer to sell, with national days on market increasing from 29 in February to 44 in October.
Across the capital cities, selling times rose from 26 to 39 days, while regional markets recorded an increase from 42 to 55 days.
For agents, the figures point to a market where buyers have more time to consider their options and greater scope to negotiate, making pricing and vendor expectations increasingly important.
The recent November interest rate increase is expected to add further pressure to borrowing capacity, with Ms Lieu anticipating that buyers will retain greater bargaining power in the months ahead.
Sydney and Melbourne clearance rates slide
The latest Cotality figures show the slowdown is affecting the country’s largest auction markets, even as the number of properties going under the hammer increases.
Sydney recorded 716 auctions, up 3.5 per cent from the previous week, although volumes remained 42 per cent below the same time last year.
The city’s preliminary clearance rate fell to 48.1 per cent, slipping below 50 per cent for the first time this spring.
Melbourne hosted 692 auctions, a 16.5 per cent weekly increase, but its preliminary clearance rate fell sharply from 59.1 per cent to 47.8 per cent.
It was Melbourne’s lowest preliminary result since September 2021.
Brisbane recorded 235 auctions, up 33.5 per cent from the previous week and 9.8 per cent higher than a year earlier, making it one of the few capitals where auction activity exceeded last year’s levels.
However, its preliminary clearance rate fell to 25.3 per cent, remaining below 30 per cent for the fifth time in seven weeks.
Adelaide’s preliminary clearance rate eased to 41.3 per cent across 148 auctions, while Canberra recorded 34.9 per cent across 80 auctions.
Despite the weaker results, Ray White’s figures suggest successful campaigns are still attracting competition, particularly where pricing aligns with buyer expectations.
The network reported that its median time from listing to unconditional sale had eased to 41 days, compared with 43 days over the July-to-October period.
Auction open homes also attracted an average of 2.3 attendees, compared with 1.6 for private treaty inspections.
While the figures relate specifically to Ray White’s network, they offer some encouragement for agents working to maintain buyer engagement in a slower market.
Mr McGlynn said sellers needed to recognise the feedback buyers were providing.
“For sellers, I think the opportunity is to recognise that the market is providing plenty of feedback, even when that feedback isn’t necessarily what they were expecting.
“Buyers are showing us what they’re prepared to compete for and where they see value, and those who are willing to respond to that information will give themselves the best opportunity to achieve a successful outcome.”
Strong sales still possible before Christmas
Despite the softer national conditions, several weekend auctions demonstrated that buyers are still prepared to compete for properties they consider well priced.
In Sydney, Ray White Upper North Shore agents Adam McKay and Georgia Low sold a newly built home at 23 Buckra Street, Turramurra, for $8.1 million.
The property attracted five registered bidders, four of whom actively participated, with more than 100 people watching the auction.
In Melbourne, a four-bedroom home at 30 McCarthy Grove, Montmorency, sold under the hammer for $1.475 million, well above its $1.24 million reserve.
Five buyers registered for the auction, with three actively bidding.
Ray White Victoria Chief Auctioneer Luke Banitsiotis said there was still time for vendors to achieve a result before Christmas, although pricing remained critical.
“However, the momentum currently comes with a caveat. Auctions are driving action, but only when the price sits at a level the market actually wants to engage with. If the pricing makes sense, the buyers will show up and compete.”