Spring auction rates heating up, just like the weather

There’s been a surge in the number of homes going under the hammer compared to the same time last year, as the busy spring selling season gets under way.

The warm weather drew buyers to 2550 auctions in capital cities across the country this weekend, compared to just 1316 at the same time in 2022.

A spike in pre-auction sales saw 544, or about a fifth of properties, snapped up before they could go under the hammer.

There was a 72 per cent preliminary clearance rate from 1933 results collected so far, compared to 60 per cent at the same time last year.

Multiple public holidays on the same weekend last year, including the national day of mourning for Queen Elizabeth, the AFL grand final and the sovereign’s birthday in QLD and WA, affected last year’s results.

But this weekend’s auction rates are still up on the previous week when 2314 homes went under the hammer nationwide.

Australia’s biggest cities led the charge with Sydney holding 978 auctions compared to last weekend’s 927, while an extra 56 auctions were held in Melbourne compared to last weekend’s 982.

Agents were run off their feet in Brisbane, holding 237 auctions – up 65 on the weekend before for the biggest seven-day increase across the country.

Next weekend is expected to be quieter with the AFL and NFL grand finals taking place and school holidays in several states, as well as the beginning of daylight saving.


Kathryn Magann
(Australian Associated Press)


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