Strengthening market conditions and improved buyer confidence has resulted in the auction clearance rate increasing to be the highest level since May last year, according to the latest Apollo Auctions Auction Report.

Apollo Auctions Director Justin Nickerson said, following on from an improved rate in February, March saw the auction clearance rate increase to 65.1 per cent – up from 60.4 per cent the month before.

“This is the second-best auction clearance rate we have recorded since starting this monthly report in May last year and is another sign that market conditions are far more favourable than just a few months ago,” Mr 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 per cent in February to 55 per cent in March.”

Mr Nickerson said not only is Southeast Queensland continuing to produce excellent results, the Northern Rivers region of Northern New South Wales is experiencing strong market conditions with positive sellers and plenty of bidders.

“Melbourne’s property market is also continuing to record strong results with the best auction clearance rate in this report of 73 per cent,” he said.

“With the latest CoreLogic home value index showing national property prices increasing by 0.6 per cent in March, as well as the continued low supply of listings for sale and rent, and with significant overseas migration under way, the market metrics are positive for both sellers and buyers at present.”

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According to the Apollo team of auctioneers, there is increasing confidence amongst sellers and buyers which is helping to produce the best auction market conditions in nearly a year.

The Brisbane auction market continued to strengthen in March, according to Apollo auctioneer Greg Allan.

“Clearance rates, auction attendees, number of bidders and average active bidders all increasing compared to previous months,” Mr Nickerson said.

“The slow flow of listings is the biggest contributing factor to these conditions in Brisbane. We’re also seeing a spill over from renting to purchasing, driven by rising rents and historically low rental vacancy rates.”

While it feels like an endless summer in the Northern Rivers, according to Apollo auctioneer Mark MacCabe, the auction market also continues to sizzle.

“Attendance at our auctions remains high, with an average of 37 attendees, nearly three registered bidders and a healthy clearance rate of 51 per cent,” Mr Nickerson said.

“Agents are expecting these trends to continue as market forces dictate high demand with low supply of stock."

The Gold Coast’s strong clearance rates have continued with an average of 66.1% for the month, with the last weekend of March delivering a blockbuster clearance rate, according to Apollo auctioneer Rob Doorey.

Coupled with good crowds, an average of 37.2 in attendance, and average of 4.1 registered bidders and 56.1 per cent active bidding, the Gold Coast has been achieving some great results for our vendors.

In Sydney, with some positive real estate rhetoric spilling into the media at the tail of the month, one could be forgiven for thinking we are out of the darker days, Mr Nickerson said.

“On the ground in Sydney, it is campaigns that have been crafted with solid foundations of trust, process, as well as understanding client real estate needs and wants that are seeing justly rewarded results,” he said.

In Melbourne, according to Apollo auctioneer Andy Reid, the evidence is clear – the opportunity to maximise the true value of properties is here and now.

“In most market types, the volume of interested parties has certainly been on the rise,” Mr Nickerson said.

“This is highlighted by the number of bidders versus the expected number of bidders – agents hoping for two bidders are more often seeing three to four, which is surprising a lot of agents.”

In Perth, according to Apollo auctioneer Richard Kerr, the fundamentals remain the same – low stock, rising mortgage repayments, and a reluctance by sellers to come to market in case they can’t find their next home when rental vacancies are at an all- time low of virtually zero.

“It’s as if the river is backed up at the dam to near overflow,” Mr Nickerson said.