We present high time-resolution multicolour optical observations of the quiescent X-ray transients GRS 1124-684 (=GU Mus) and Cen X-4 (=V822 Cen) obtained with ULTRACAM. Superimposed on the secondary stars' ellipsoidal modulation in both objects are large flares on time-scales of 30-60 min as well as several distinct rapid flares on time-scales of a few minutes, most of which show further variability and unresolved structure. Not significant quasi-periodic oscillations are observed and the power density spectra of GRS 1124-684 and Cen X-4 can be described by a power law. From the colour-colour diagrams of the flare events, for GRS 1124-684 we find that the flares can be described by hydrogen gas with a density of N-H similar to 1024 nucleons cm(-2), a temperature of similar to 8000 K and arising from a radius of similar to 0.3 R-circle dot. Finally we compile the values for the transition radius (the radius of the hot advection-dominated accretion flow) estimated from quasi-periodic oscillations and/or breaks in the power density spectrum for a variety of X-ray transients in different X-ray states. As expected, we find a strong correlation between the bolometric luminosity and the transition radius.