- Melbourne boasts the best-performing auction market
- Auction clearance rates have been improving since the new year
- Apollo Auctions Director said there are also higher numbers of attendees at auctions
Following several months of improved auction clearance rates nationally, the latest Apollo Auctions Auction Report saw the clearance rate increase to 65.1% in March.
This is an improvement from the 60.4% clearance rate recorded in February.
Apollo Auctions Director Justin Nickerson said this marks the second-best auction clearance rate since the first monthly report was published in May last year.
“This is is another sign that market conditions are far more favourable than just a few months ago,” Nickerson said.
“We are also seeing higher numbers of attendees at auction – up to an average of 36.3 in March – as well as a significant jump in active bidders from 48.9% in February to 55% in March.”
The report covers the auctions across Brisbane, the Gold Coase, Northern Rivers, Sydney and Melbourne.
With a clearance rate of 73.08%, Melbourne boasts the best-performing auction market. This is followed by Brisbane with a clearance rate of 68.66%.
Apollo Auctions, March 2023 Report
| Region | Average Attended | Average Registered | Active Bidding (%) | Sold (%) |
| Brisbane | 34.1 | 3.2 | 68.07% | 68.66% |
| Gold Coast | 37.2 | 4.1 | 56.13% | 66.18% |
| Northern Rivers | 24.7 | 2.6 | 51.61% | 61.11% |
| Sydney | 43.9 | 5.1 | 44.39% | 56.60% |
| Melbourne | 42.1 | N/A | N/A | 7308% |
| Average | 36.3 | 3.75 | 55.05% | 65.10% |
Source: Apollo Auctions.
“With the latest CoreLogic home value index showing national property prices increasing by 0.6% in March, as well as the continued low supply of listings for sale and rent, and with significant overseas migration underway, the market metrics are positive for both sellers and buyers at present,” Nickerson said.
The report indicates an observed improvement in confidence amongst sellers and buyers which is said to be helping to produce the best auction market conditions in nearly a year.
“Clearance rates, auction attendees, the number of bidders and average active bidders all increased compared to previous months,” Nickerson said.
“The slow flow of listings is the biggest contributing factor to these conditions in Brisbane. We’re also seeing a spillover from renting to purchasing, driven by rising rents and historically low rental vacancy rates.”
