The number of capital city auctions soared by 20 per cent this week, making it the second busiest auction week this year.
A total of 2,962 auctions were held, up from 2,460 last week and 2,380 this time last year.
However, the number of homes going under the hammer is expected to drop dramatically next week.
"The number of auctions held is set to reduce over the coming weeks, more than halving next week to around 1,330 due to the Kings Birthday long weekend in many states, before rising back to around 2,000 the week after," said Cotality research director, Tim Lawless.
In Brisbane, a five-bedroom resort-inspired home 13 kilometres west of the CBD has sold for $2.075 million.
The stunning two-level home with multiple entertaining areas and a swimming pool is located at 13 Tangy Street, Brookfield.
Listing agent Jarrod Hooley from Brisbane Real Estate Indooroopilly said two registered bidders took part in the auction which began with an opening bid of $1.75 million.
"The buyers are owner occupiers, and we just sold their house at auction three weeks ago," he said.
"They are downsizing as they were on 2.5 acres previously," he said.
The home last sold in 2022 for $1.95 million.
Mr Hooley said the Brisbane market appeared to be swinging away from sellers.
"I feel like it has turned into a buyers' market. We're still getting the prices but it's often taking 4-6 weeks to get those prices out of them," he said.
Cotality's research director Tim Lawless said Brisbane held the most auctions across the smaller capitals, with 153 homes going under the hammer with a preliminary clearance rate of 64.9 per cent.
"This was Brisbane's highest preliminary clearance rate since the last week of August in 2024," he said.
Renovated post-war bungalow fetches over $2m
In Adelaide, a beautifully renovated 1920s brick bungalow has sold at auction for more than $2 million, well above its listed price of $1.8 million.
Ahead of the auction, seven buyers had registered to bid on the three-bedroom, two-bathroom home at 6 Hastings Road, Colonel Light Gardens in Adelaide's south.
On Saturday, just two bidders raised their hand.
The auction got underway with a bid of $1.9 million before selling for $2.010 million.
Listing agent Will Fitridge from Ouwens Casserly Real Estate Adelaide said the home had been popular among families.
"The successful bidders were a local couple with a young family," he said.
"The vendors had renovated the home and are now moving on," he explained.
Mr Fitridge said renovated homes continued to get strong results.
"Turnkey properties, where all the work has been done are selling well. But if they need a bit of work, buyers are less keen because of concerns around renovation costs," he said.
Cotality's Tim Lawless said 115 homes went to auction in Adelaide this week with an early clearance rate of 55.4 per cent.
"This was Adelaide's lowest preliminary clearance rate since November 2020," he noted.
Tears flow as woman misses out on charming cottage
In Fremantle, a charming 1950s three-bedroom home with a garden studio has sold at auction for $1.39 million, after an emotive auction that left the underbidder in tears.
Bidding for the home at 82 Hampton Road started at $1.250 million with just two passionate buyers vying for the property in front of a small crowd of 20.
Listing agent Noel Rogers from Ray White Cottesloe/Mosman Park said one party was a young couple from Belmont, east of Perth's CBD, the other, a woman hoping to secure the property for her son and grandchildren.
"The young couple who have always dreamt of owning a Fremantle cottage were successful and for them it was a dream come true," Mr Rogers said.
"However, the other bidders were broken hearted. The poor lady was just crying. It was very emotional," he said.
Mr Rogers said the home, which maintains many original features such as high ceilings, timber floorboards, ornate ceilings and leadlight windows, had only had three owners in 75 years.
"The sellers who have had the property for over 20 years have moved to Mandurah," he said.
"I think the new owners have aspirations down the track to put their own stamp on the home, but they have fallen in love with the property as it is," he added.
Mr Rogers described Perth's rising market as "consistent."
"There just seems to be a very constant demand and it doesn't seem to falter at all," he said.
"I think the rate cuts have given buyers a little bit of relief, allowing them to have a bit more comfort to shop within their price range," he said.
