Spring is the property market’s biggest test, and this year it arrives with the market already firmly tilted toward buyers. Auction volumes are starting to climb as the season warms up, but clearance rates remain stuck well below the levels that signal a healthy seller’s market. The early signs are worth reading carefully, because they tell you who really holds the advantage right now. Here’s the plain-language guide.
What the Latest Data Shows
Auction activity is picking up. Combined capital city volumes rose around 4 per cent in a recent week to over 1,400 events, following a similar lift the week before, a sign the market is stirring from its mid-winter lull. But volumes remain well down on a year ago, running nearly 17 per cent below the same period in 2025.
The clearance rates are the real story.
“Capital city clearance rates hold in the low 50% despite a lift in auction volumes,” analysts reported.
Melbourne recently posted a preliminary rate around 54.6 per cent, Sydney sitting in the low-to-mid 50s. Those numbers are well beneath the 70 per cent-plus territory that marks a genuine seller’s market, and they’ve stayed in this soft range for weeks.
Why This Matters Heading Into Spring
The pattern reveals the underlying balance. More homes are coming to market, but buyer demand isn’t rising to match, so the extra stock isn’t being absorbed the way it would in a strong market. That’s the definition of a buyer’s market: choice outpacing competition.
Encouragingly for sellers, the auction withdrawal rate has improved, easing back to around 17 per cent from a June peak near 24 per cent, meaning fewer vendors are pulling out before auction. But it remains elevated compared to last year’s 12 per cent average, a sign that plenty of sellers still aren’t confident of a good result.
What It Means If You’re Selling
Realism remains everything. With clearance rates in the low 50s, roughly half the homes going to auction aren’t selling under the hammer, so pricing, presentation and method matter enormously. Homes priced to recent comparable sales attract genuine interest; those priced to last year’s peak sit unsold as newer, sharper listings pass them by. Spring’s extra competition for buyer attention makes standing out more important, not less, and private treaty continues to gain favour where auctions are clearing weakly.
What It Means If You’re Buying
This is shaping up as one of the most buyer-friendly springs in years. Rising volumes mean more choice, and soft clearance rates mean less competition and more negotiating power. Use it deliberately: inspect widely, take your time, and price offers to the market as it actually is. With many auctions passing in, there’s real opportunity in negotiating directly with vendors afterward, where a motivated seller and a prepared buyer can reach a deal well below the original hopes.
The Wild Card Overhead
One factor hangs over the whole season: interest rates. The RBA’s recent decisions and signals shape borrowing power and confidence directly, and with the cash rate elevated and the Bank keeping its options open, buyers and sellers alike are watching the rate outlook closely. A steady rate environment supports the current gradual balance; any surprise would ripple straight through spring sentiment. This is general information, not financial advice.
The Bottom Line
Early spring is confirming what the winter data suggested: more homes are coming, but buyers hold the cards while clearance rates sit in the low 50s. Sellers need realism and standout campaigns; buyers have genuine choice and negotiating room, especially on the many homes passing in at auction. Watch the clearance rates and the rate outlook together, because between them they’ll define how this spring actually plays out.
Epik Wire covers the property market in plain language for buyers, sellers and owners. Subscribe to our newsletter to stay informed.
