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A boost in the auction clearance rate across August can be interpreted as a sign that both buyers and sellers are wrapping their heads around current market conditions, according to a leading auction group.
Apollo Auctions’ latest auction report has revealed a stronger August following the display of a disconnect between both parties in July’s clearance rate figures.
According to Apollo Auctions director Justin Nickerson, there’s been “an uptick in genuine buyers and sellers at auction”.
He said it has likely corresponded with buyers becoming more accustomed to the new market conditions as well as the changing interest rate environment across the country.
The group has seen an uptick in auction attendance across the month — from 24.9 attendees in July to 32.2, on average, in August.
Brisbane’s auction market held strong over this period, with the city’s success credited to good participation rates coming from “a strong number of average registered bidders”.
Even with the group conceding that activity levels are not at the frenzied levels seen last year, “the current market performance seems stable and sustainable”.
The Gold Coast has also seen success — with the region adjacent to Brisbane reporting clearance rates close to 70 per cent, while the unit segment is reportedly displaying “incredible demand amongst buyers — both investors and homebuyers”.
The report highlighted that this segment saw sale prices achieving results between 15 and 30 per cent above reserve expectations.
In Canberra, auction clearance rates have remained steady, while realistically priced homes have been the real winners — achieving “well beyond this number under the hammer, with several bidders fighting for the keys”.
It’s a slightly different story for Sydney, which saw a slow July. Apollo reported that August’s conditions had “definitely improved” in the harbourside city.
Elsewhere, Perth has also suffered through a slow winter, but the group has reported that “the situation may be changing at long last”.
“According to our Perth auctioneers, rising sales are soaking up current stock, which is applying pressure to buyers,” Mr Nickerson said.
With buyers and sellers alike now becoming more genuine, it bodes good news for the spring selling season, which has led Mr Nickerson to forecast “a stable and successful auction market during the final quarter of this year”.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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