It's clear that the market recovery is well under way with every auction metric measure recording stellar results in April, according to the latest Apollo Auctions Auction Report.
It's clear that the market recovery is well under way with every auction metric measure recording stellar results in April, according to the latest Apollo Auctions Auction Report.
Apollo Auctions Director Justin Nickerson said the April auction clearance rate of 65.67 per cent was an improvement on last month’s result, which at the time was the best recorded in nearly 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,” Mr Nickerson said.
“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 per cent in April.”
Mr Nickerson said the most improved auction performer in April was the Northern Rivers region of New South Wales where its auction clearance rate soared to 75 per cent.
“A very high percentage of listed auctions in April sold before the auction date in the Northern Rivers, which means the process is working with premium buyers being attracted to the right property in the right timeframe as well as FOMO being still alive and well in that region,” he said.
“Australian housing values look to have bottomed out, posting a second consecutive monthly rise, according to CoreLogic, with Sydney leading the pack, which these metrics set to underpin auction results in the months ahead.”
According to Apollo team of auctioneers, there are an increasing numbers of attendees, registrations, and active bidders at auctions, with the auction clearance rate also increasing again this month.
“The Brisbane market continued its strong run throughout April despite the Easter and public holiday disruption,” Mr Nickerson said.
“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.”
On the Gold Coast, according to Apollo auctioneer Rob Doorey, it could be tight listings or more confidence in the market, but the overall clearance for the month is a healthy 56.92 per cent, with good crowds continuing to flock to auctions, along with continued strength in registered bidders with an average of 4.7 recorded.
In the NSW Northern Rivers region, sold prior appears to be the trending behaviour, according to Apollo auctioneer Mark MacCabe.
In Melbourne, according to Apollo auctioneer Andy Reid, the shortage of properties on the market is getting to a point where buyers are becoming conflicted between what the media is saying and what's actually happening.
“This means that attendances at auctions are higher, and the number of bidders has also risen – especially for those family homes that need nothing to do,” Mr Nickerson said.
In Canberra, according to Apollo auctioneer Jenna Dunley, the month of April saw a steady clearance rate of around 50 per cent despite ACT being the only state or
territory to see a drop in prices year on year and quarter on quarter.
“There are still strong numbers in attendance at auctions in Canberra and bidders and buyers that are showing up ready to go are keen to secure the home,” Mr Nickerson said.
In a now very common theme in Perth, listing numbers were down, sales were up, and available rental properties at a near all-time low, according to Apollo auctioneer Richard Kerr.
“Many agents are reporting they have sold homes at the first open, with upwards of 40 groups usually inspecting the home,” Mr Nickerson said.
“Richard says the outward appearance is a booming market – however low supply vs huge demand – quickly explains the reality of the situation in the Western Australian capital.”