Brisbane spent most of this year as the market that kept going while Sydney and Melbourne fell. That’s over. Over the long weekend, Domain’s preliminary figures show just 21 per cent of Brisbane auctions cleared, compared with 47 per cent at the same time last year. It’s a striking number, but it needs context. Here’s the plain-language guide.
The Weekend’s Numbers
Domain’s preliminary results for the week to 3 October show Brisbane recorded 145 scheduled auctions, with 22 sales from the 103 reported. Sixty-nine homes were passed in and 12 were withdrawn.
Other capitals were soft too.
Adelaide cleared 39 per cent, against 74 per cent a year earlier. Sydney cleared 53 per cent and Melbourne 56 per cent, both well below last year. Canberra came in at 39 per cent. Across the combined capitals, Cotality’s preliminary figure was 48.2 per cent from 1,223 auctions.
How Much to Read Into It
Two cautions are worth keeping in mind. First, this was a long weekend in Queensland, New South Wales, the ACT and South Australia, which tends to thin out both buyers and auctions. Second, auctions are a smaller part of how homes sell in Brisbane than in Sydney or Melbourne, where they’re the dominant method, so a single weekend’s Brisbane result is based on a relatively small number of sales.
Even so, the direction lines up with everything else. Cotality’s figures showed Brisbane values fell 1.5 per cent in September, the sharpest monthly decline of any capital, and the city’s clearance rate is now less than half what it was a year ago.
Why Brisbane Has Turned
Brisbane ran hard for several years on interstate migration and relative affordability. That advantage has narrowed as prices rose, and four rate rises this year have cut borrowing power for buyers everywhere. With the cash rate at 4.60 per cent and the Reserve Bank’s next decision due on 3 November, buyers have become cautious, and sellers who list at peak prices are finding few takers.
What It Means for You
If you’re buying in Brisbane, the balance of power has shifted toward you in a way it hasn’t for years. A passed-in property is often the best opportunity, since the highest bidder usually gets first chance to negotiate with the seller afterwards. Just make sure your finance has been assessed at today’s rates.
If you’re selling, especially at auction, realistic pricing matters more than ever. Ask your agent what the clearance rate has been in your suburb recently, and have a clear plan for what you’ll accept if the property passes in. Private sale may suit some properties better in this market. This is general information, not financial advice.
The Bottom Line
Only 21 per cent of Brisbane auctions cleared over the long weekend, down from 47 per cent a year ago, and Adelaide, Sydney and Melbourne were also well below last year. Holiday weekends and smaller sample sizes mean one week isn’t the whole story, but it matches Brisbane’s 1.5 per cent fall in September. The downturn has well and truly reached the cities that held out longest.
Epik Wire covers the property market in plain language for buyers, sellers and owners. Subscribe to our newsletter to stay informed.
