The Northern Rivers region of New South Wales has clinched the top spot for the strongest auction clearance rate in Australia, narrowly edging out Perth in the December quarter, according to the Apollo Auctions Market Report.
The region achieved a remarkable 76.5% clearance rate, a testament to its soaring demand and limited property listings.
Justin Nickerson (pictured above), director at Apollo Auctions, said there was fierce competition between Northern Rivers and Perth during the quarter, with Northern Rivers ultimately prevailing. Despite this, Perth (36.3) boasted the highest average attendance at auctions, with Brisbane (32.3) also showing strong numbers.
“There was an average of nearly 57% of active bidders at auction nationwide, with Perth recording the highest average at 62% over the quarter, followed by the Northern Rivers on 60.9%,” Nickerson said.
The nationwide auction landscape remained vibrant, with an average clearance rate of 63.6%.
“This result is a significant improvement compared to a year ago, when the December quarter auction clearance rate was just 55%,” Nickerson said. “Overall, we saw an average of about 23 people attending auctions in the December quarter, with a solid average of 3.31 registered bidders – the same as the September quarter – recorded as well.”
He attributed this robust performance to a surge in employment and a cautiously optimistic economic outlook, bolstered by recent decisions by the Reserve Bank (RBA) to hold interest rates steady and anticipate potential cuts.
In Brisbane, the auction scene closed the year on a high note, driven by a surge in bidder numbers and a concerted effort by both sellers and buyers to finalise transactions before the Christmas break.
The Gold Coast also maintained its momentum, with Apollo auctioneer Rob Doorey highlighting the determination of participants to secure their futures ahead of the festive season, culminating in a healthy 59.2% clearance rate.
The Sunshine Coast saw strong auction results, thanks to the competitive bidding environment fostered by low stock levels, as noted by Apollo auctioneer Yianni Mooney. Similarly, the Northern Rivers region maintained high clearance rates, reflecting a seller's market buoyed by keen buyer interest amidst stock shortages.
Canberra and Melbourne experienced steady and reflective market conditions, respectively, with considerations around interest rate movements influencing buyer and seller behaviors.
Perth, on the other hand, continued to showcase strong market conditions, as highlighted by Apollo auctioneer Richard Kerr, with rising demand and shrinking inventory pushing sales prices higher.
As 2024 gets underway, early booking numbers suggest an uptick in market listings, with interest rate expectations potentially fueling further demand and competition across the nation’s auction markets, Apollo Auctions reported.
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