auction-bidding-activity-june-2023.jpg

Australians are becoming more interested in participating in auctions, with the number of people attending ramping up as property listings fall.

According to Apollo Auctions, there was an average of 62% of active bidders at auction around the nation in June. Meanwhile, clearance rates were steady at 66%, significantly stronger than the 49.5% level recorded exactly a year ago.

Apollo Auctions director Justin Nickerson said the days of solo auctions are already well behind Australia.

“Overall, we saw an average of nearly 36 people attending auctions nationwide, with a healthy average of 3.76 registered bidders recorded as well,” he said.

Brisbane and Perth continue to dominate the best auction clearance results, recording 70.40% and 75%, respectively.

In terms of the highest share of active bidding, the Northern Rivers region of New South Wales was the standout, reporting an average of 75% in June.

Mr Nickerson said the limited options in the market and the surge of new demand coming from some half a million new overseas migrants are positive indicators for anyone considering selling through auction.

Here’s a summary of the performance of the markets being monitored by Apollo Auctions:

Region

Average

Share (%)

Attended

Registered

Active Bidding

Clearance Rates

Brisbane

25.9

3.7

58.2

70.4

Gold Coast

35.7

3.6

58.5

57.1

Sydney

40.1

5.0

55.2

65.4

Victoria

42.3

n/a

n/a

66.7

Northern Rivers

31.7

1.5

71.4

62.5

Perth

38.8

5.0

65.00

75.0

Average

35.75

3.76

61.6

66.18

In Brisbane, Mr Nickerson said low stock levels and the current surge in buyer interest continues to drive high clearance rates.

“This trend has resulted in some strong prices for properties on the market in Brisbane,” he said.

Tight listings can also explain the strong results in the Gold Coast.

“A high percentage of auctions are also pausing mid-call to negotiate off the floor, but this is where the magic is happening,” Mr Nickerson said.

“Sellers are more attuned to meet the market when they hear buyers strongly bidding before a pause as it sends a message that people love their property but just not at the level they do.”

Across Northern New South Wales, Mr Nickerson said auctions in the $1.5m range are gaining more interest.

“Purchasers are still favouring turn-key options with building costs and potential waiting times steering interest towards more now-ready options.”

In Perth, supply has declined to a new low over the last week of June.

“Auctions continue to attract good crowds, and good numbers of bidders, and best of all our auction agents are securing listings after most of our auctions last month — an absolute bonus given the lack of listing stock,” Mr Nickerson said.

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Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
6.04% p.a.
6.06% p.a.
$3,011
Principal & Interest
Variable
$0
$530
90%
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5.99% p.a.
5.90% p.a.
$2,995
Principal & Interest
Variable
$0
$0
80%
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6.14% p.a.
6.16% p.a.
$3,043
Principal & Interest
Variable
$0
$350
60%
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Disclosure
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

Important Information and Comparison Rate Warning

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