- Auction attendance and active bidder numbers both rose across last month.
- Property shortages remain a key feature of the market.
- Strong conditions are expected to encourage sellers onto the market.
The number of people attending auctions in the past month has ramped up as have those actively bidding according to the latest Apollo Auctions Auction Report.
Apollo Auctions Director Justin Nickerson said the smaller capitals are seeing good interest from buyers.
“Overall, we saw an average of nearly 36 people attending auctions nationwide, with a healthy average of 3.76 registered bidders recorded as well – it’s clear that the days of solo auctions are well behind us already,” said Nickerson.
“There was an average of 62% of active bidders at auction around the nation, with the Northern Rivers region of New South Wales recording an average of 75% in June.
He said that an undersupply of properties coming onto the market and the elevated level of immigration is leading to good selling conditions for vendors.
Low listings drive prices
Across Brisbane and the Gold Coast, Nickerson said there continue to be extremely tight listings and steady demand.
“This trend has resulted in some strong prices for properties on the market in Brisbane.”
He said on the Gold Coast, a high percentage of auctions are also pausing mid-call to negotiate off the floor.
“Sellers are more attuned to meet the market when they hear buyers strongly bidding before a pause as it sends a message that people love their property but just not at the level they do.”
The Northern NSW market has also shown no signs of abating, with a healthy appetite for quality property still existing, according to Nickerson.
“This has, in particular, been highlighted in the $1.5 million-plus range with competition for most product types strong.
“Purchasers are still favouring turn-key options with building costs and potential waiting times steering interest towards more now-ready options.”
Justin Nickerson, Apollo Auctions Director
While in Melbourne, vendors have taken recent huge migration data and incredible growth predictions to heart and ramped up their price expectations he said.
He said there have still been some incredible outcomes at auction, however, if anyone hasn’t got a strong level of control over the process, there is a sting in the tail of the market.
While in Perth, stock levels have dropped to a new low with only 5458 properties for sale in the week ended 25 June 2023, which is 7.3% lower than four weeks ago and 36.5% down on this time last year.
He said auctions continue to attract good crowds in Perth and good numbers of bidders.
June 2023 auction results
Source: Apollo Auctions.
