Northern Rivers outshines Perth with Australia’s top auction clearance rate in December quarter

The Northern Rivers region of New South Wales has outperformed Perth in achieving the highest auction clearance rate during the December quarter, as detailed in the latest Apollo Auctions Market Report. Justin Nickerson, Director of Apollo Auctions, highlighted the strong buyer interest in the Northern Rivers and Tweed region, fueled by a noticeable shortage of property stocks. “The Northern Rivers and Perth were in a tussle for the best average auction clearance rates in the country during the December quarter, with the Northern Rivers coming out on top on 76.5%,” Nickerson remarked.

Despite Perth’s lower auction clearance rate, it recorded the highest average attendance at auctions with 36.3 people, followed closely by Brisbane with 32.3 attendees. Nickerson also noted the nationwide activity, stating, “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%.” The average auction clearance rate across the nation rose to 63.6% over the quarter, marking a significant improvement from 55% a year ago.

Nickerson further added insight into the broader real estate market, mentioning the positive outlook following the Royal Bank of Australia’s (RBA) decision to keep interest rates on hold and the market anticipation of multiple rate cuts within the year. According to Apollo auctioneer Rob Doorey, the Gold Coast maintained its robust auction market right up to the holiday period, with an average of 29.6 people in attendance and a clearance rate of 59.2%.

Similarly, the Sunshine Coast showcased strong auction results and solid participation, as detailed by Apollo auctioneer Yianni Mooney. Mark MacCabe, another Apollo auctioneer, highlighted the consistent strength of clearance rates in the Northern Rivers region, with more than 70% average. MacCabe’s assessment underscored the region as a seller’s market, with high demand for properties.

In contrast, the Canberra auction market saw steadier figures, maintaining a clearance rate around the 55% mark, as shared by Apollo auctioneer Jenna Dunley. She noted the potential of online auctions outperforming on-site options, especially during holiday periods for maximizing registrations and results. Melbourne’s auction market experienced speculation regarding interest rate rises, according to Apollo local auctioneer Andy Reid, who suggested that the uncertain market conditions prompted a focus on “quality over quantity” among buyers.

Finally, Apollo auctioneer Richard Kerr pointed out Perth’s continued strong market conditions through the end of the year, attributing the robust performance to basic economic principles of increasing demand and decreasing levels of available homes for sale. This dynamic has led to elevated sales prices and competition within the Perth market.