- National auction clearance rate passes 65%
- Apollo Auctions Director says all auction metrics suggest robust market recovery
- Northern Rivers region of New South Wales is the most improved area
April auction metrics all point to strong market recovery being well underway, according to the latest Apollo Auctions Report.
Director Justin Nickerson said the 65.67% clearance rate recorded in April was an improvement on the previous month’s result, which at the time was the best recorded in close to a year.
“The improving market conditions and buyer confidence levels are also evidenced by increasing numbers of people attending, registering, and actively bidding at auctions,” Nickerson says.
“The average number of auction attendees increased to 37.2 in April, while the average number of registered bidders jumped from 3.75 to 4.06 between March and April as well.
“When it comes down to brass tacks, active bidders are on the rise as well, with the average percentage increasing from 55.05% in March to 58.53% in April.”
April auction results
| Region | Average | Percentage | ||
| Attended | Registered | Active bidding | Sold | |
| Brisbane | 63.8 | 3.5 | 53.55% | 68.25% |
| Gold Coast | 35.8 | 4.7 | 48.21% | 56.92% |
| Sydney | 31.4 | 4.6 | 47.44% | 53.19% |
| Melbourne | 37.8 | 3.5 | 84.07% | 75.00% |
| Northern Rivers | 17.5 | 4 | 59.38% | 75.00% |
| Average | 37.2 | 4.06 | 58.53% | 65.67% |
Source: Apollo Auctions
Nickerson says Australian housing values look to have bottomed out. National home prices have increased for the second consecutive month according to CoreLogic‘s Home Value Index (HVI).
Most improved: Northern Rivers, NSW
Analysis of April’s results found the Northern Rivers region of New South Wales was the most improved auction performer in April.
The area’s auction clearance rate soared to 75%.
Auctioneer Mark MacCable says, in April, a high proportion of listed auctions actually sold prior to the auction date.
He says this means premium buyers are being attracted to the right property in the right timeframe.
“Fear of Missing Out (FOMO) is also still alive and well. While some months we have been experiencing Fear of Paying Over (FOPO), this month our experienced agents have made the negotiation adjustment to ensure they don’t lose the perfect buyer prior to the auction day,” MacCable says.
Interest rate pause spurs buyer sentiment
April was the first month in close to a year that the RBA announced a pause in the cash rate.
“The news of an interest rate hold seemingly gave buyers a new lease on life as they
competed strongly across all price segments and locations with most auctions
holding requisite buyer interest to achieving a sale,” Nickerson says.
