Chief Auctioneer and owner of auctionWORKS, Jesse Davidson, says it was a slow winter for many agents, but fast forward to spring, and the market mood has shifted.
“August really picked up,” Jesse says.
“It’s not just auction numbers, it’s sentiment.
“Whether it’s the rate pause or just people sensing we’ve hit the bottom of the interest rate cycle, buyers and sellers are starting to re-engage.”
Luxury leads, middle slows
According to Jesse, different segments of the market across Sydney are performing in dramatically different ways.
“The top end of town is flying,” he says.
“Not just on price, but registrations. We’re getting five or six registered bidders on high-end homes, which is an excellent sign.”
By contrast, the middle tier, those properties in the $2 to $3 million range, has been “the toughest,” though this varies suburb to suburb. In tightly held areas like Mosman, that price range still performs due to a lack of stock.
Interestingly, the lower end of the market is holding steady, and Western Sydney is also starting to see signs of renewed activity.
Commercial auctions, too, are proving resilient, especially for triple-A tenants like QSR outlets and national retailers.
Spring doesn’t wait
With only 15–16 auction weeks left in the calendar year, Jesse warns agents that time is short and planning is crucial.
“Spring runs out quickly,” he says.
“If you’re not prepared now, you miss the jump.”
Given the need for a two-to-three-week lead time to get a property ready, followed by a four-week auction campaign and six-week settlement, listings that aren’t already in play may not settle until 2025.
“The smart agents are preparing their vendors now,” he says.
“If someone wants to be sold and moved before Christmas, they need to get serious.”
Jesse says that agents need to have honest conversations with vendors around price.
“The dizzying days of 2021–22 are gone,” Jesse says.
“The market has found a new level.
“Vendors who understand that are seeing better results than those who hold out for prices that no longer exist.”
Why accurate pricing wins auctions
One of the clearest patterns Davidson sees among high-performing agents is a strong focus on setting realistic price guides and getting vendor alignment on those numbers.
“If the agent thinks it’s worth $2 million and the vendor wants $2.3 million, you’ve got a gap,” he says.
“But when you price well, you get more buyers. More buyers means competition, and that drives price.”
Ironically, it’s often the vendors who are willing to price conservatively who end up achieving the strongest results, he says.
“The owners shooting for the stars often miss the mark entirely,” he says.
“Buyers walk away, assuming they’re not serious.”
Jesse also says that while price is important, it’s rarely the sole driver of a decision to sell, and great agents know how to uncover and work with a seller’s deeper ‘why’.
“No one wakes up and decides to sell just because their house is worth $3 million,” he says.
“They’re upsizing, downsizing, moving interstate, divorcing, grieving — there’s always a story.”
The best agents, he says, market that motivation, and buyers respond.
“When buyers know the vendor is serious about moving on, it creates confidence,” he says.
“There’s a huge difference between an owner who’s testing the market and one who’s genuinely ready.”
The auction advantage
Finally, Jesse says auctions remain one of the best tools to drive urgency in a market where urgency is otherwise lacking.
“In 2021 and 2022, buyers were scrambling. That’s not happening now. But auction gives them a deadline,” he explains.
“If I’m a buyer looking at three properties, but one is going to auction in three and a half weeks, I’ve got to prioritise that one.
“It forces action.”
