The growth in auction clearance rates reflects strong demand from buyers and positive news for sellers, with almost 9 in 10 properties in some suburbs successfully selling at auction.
Since January 2023, home prices have increased consecutively for 17 months and are now 9.6% up from the low in December 2022, according to the PropTrack Home Price Index.
The resulting equity gains, coupled with a higher national auction clearance rate of 60% year-to-date compared to 58.5% during the second half of 2023, have boosted seller confidence, making vendors more willing to sell their property through auction.
This is evident when we look at the number of scheduled auctions over the past couple of weeks relative to the same period last year.
Last week (week 24), the number of scheduled auctions nationally was 29% higher year-on-year, while this week (week 25), there were 26% more auctions than a year prior.
While more vendors are choosing to sell via an auction campaign, their success varies across suburbs.
To gain a better understanding of where vendors are experiencing the best results and where competition between buyers is likely to be strong, we looked at the suburbs with the highest year-to-date auction clearance rates.
| Suburb | Region | Auction clearance rate |
| Kings Langley | Sydney | 88% |
| Seven Hills | Sydney | 86% |
| Bossley Park | Sydney | 86% |
| Watsonia | Melbourne | 88% |
| Blackburn North | Melbourne | 87% |
| Warrnambool | Regional Victoria | 86% |
| Upper Coomera | Regional Queensland | 78% |
| Upper Mount Gravatt | Brisbane | 75% |
| Morningside | Brisbane | 74% |
| Campbelltown | Adelaide | 86% |
| Ingle Farm | Adelaide | 86% |
| Paralowie | Adelaide | 83% |
| Dunlop | Australian Capital Territory | 77% |
| Macgregor | Australian Capital Territory | 71% |
| O'Connor | Australian Capital Territory | 67% |
In New South Wales, Kings Langley (88%), Seven Hills (86%), and Bossley Park (86%) achieved the highest auction clearance rates among all suburbs in the state.
Watsonia, Blackburn North in Melbourne and Warrnambool in Regional Victoria took the top spot for our second largest state, with auction clearance rates above 85% in these suburbs.
In Queensland, Upper Coomera, Upper Mount Gravatt and Morningside recorded the highest clearance rates. About three quarters of properties listed for auction were sold through auctions.
Campbelltown and Ingle Farm in Adelaide led in terms of auction clearance rates in South Australia with rates of 86%, suggesting that there was considerable buyer demand in these suburbs.
In the ACT, Dunlop (77%), Macgregor (71%) and O'Connor (67%) had highest clearance rates.
While auction clearance rates are still below the levels seen during the pandemic peak period in 2021, there are signs of improvement. The current level implies a more balanced market compared to the peak period, yet also indicates ongoing high demand among buyers.
If demand remains strong, prices are expected to continue rising and auction clearance rates are likely to increase in the coming months, which is encouraging news for sellers.
