As spring gets underway, the property market’s direction is becoming clearer, and it still favours buyers. The latest auction data shows clearance rates easing back to around 53 per cent even as more homes come to market, confirming that buyer caution, not seller confidence, is setting the tone. Here’s the plain-language guide to the latest figures and what they mean heading into the busy season.
What the Latest Data Shows
The numbers tell a consistent story. Auction volumes rose around 10 per cent last week as the market emerged from its winter lull, but the preliminary combined capital city clearance rate eased to about 53.2 per cent, a level that signals buyers retain considerable negotiating power.
Prices continue to soften alongside it. Cotality’s figures show combined capital city dwelling values fell 0.3 per cent over the past week and 1.0 per cent over the past month, though they remain around 2.4 per cent higher than a year ago.
“Buyers retain considerable negotiating power,” analysts concluded of the sub-54 per cent clearance result.
So more homes are coming to market, but demand isn’t rising to match, the classic signature of a buyer’s market.
Why This Matters Heading Into Spring
Spring traditionally brings a surge of new listings, and how the market absorbs them sets the tone for the rest of the year. This year, that surge is arriving into soft demand, with clearance rates well below the 65-to-70 per cent range associated with a balanced or rising market.
The result is that the extra spring stock is likely to reinforce buyers’ advantage rather than erode it, at least early in the season. More choice, more time, and more negotiating room for those ready to act.
The One Bright Spot for the Broader Outlook
There is a flicker of better news underneath the softness. Recent employment and wage figures suggest the Reserve Bank may have less reason to raise interest rates again in the near term, which removes one source of downward pressure hanging over the market.
That doesn’t mean relief is imminent, most economists still expect the first rate cut around mid-2027, so the current 4.35 per cent cash rate will weigh on borrowing capacity well into next year. But a stable rate outlook supports the gradual, orderly nature of the current correction rather than a sharper decline.
What It Means If You’re Buying
This remains a genuinely favourable market for prepared buyers. Soft clearance rates mean many properties pass in, creating real opportunities to negotiate directly with vendors afterward. Widening choice as spring listings arrive means you can be selective. The strategy: get your finance sorted, price your offers to recent comparable sales, treat passed-in auctions as negotiating openings, and take your time. There’s no frenzy forcing quick decisions.
What It Means If You’re Selling
Realism is essential. With clearance rates in the low 50s, roughly half of auctioned homes aren’t selling under the hammer, so pricing, presentation and method matter enormously. Spring’s extra competition for buyer attention makes standing out more important, not less. Price to recent comparable sales, not last year’s peak, and consider whether private treaty suits your property better than an auction while clearance rates stay soft. This is general information, not financial advice.
The Bottom Line
Auction clearance rates easing to 53.2 per cent as volumes rise confirms buyers keep the upper hand heading into spring, with prices still softening gently and the RBA possibly on hold. For buyers, the negotiating power is real and the spring listings will widen your choice, so stay prepared and selective. For sellers, realistic pricing is the difference between selling and sitting. Watch the clearance rates as spring builds, because how the market absorbs the new stock will define the season.
Epik Wire covers the property market in plain language for buyers, sellers and owners. Subscribe to our newsletter to stay informed.
