Greater Brisbane emerges as Australia’s hottest auction market in March quarter, report finds

Greater Brisbane has staked its claim as the hottest auction market in the country over the March quarter, according to the quarterly Apollo Auctions Market Report. The region recorded an average auction clearance rate just shy of 75% over the three months, up nearly 10 percentage points since the last quarter of 2023.

Apollo Auctions Director Justin Nickerson said, “There is no denying that Greater Brisbane was the standout region over the March quarter. Within Greater Brisbane, Logan City is in hot demand from buyers, too, with the top average auction clearance rate of 78.5% recorded over the period with its affordability attracting plenty of homebuyers and investors.”

The report also revealed that an average of about 31.5 people attended auctions in the March quarter, up from 23.6 in the previous quarter. There was a solid average of 3.41 registered bidders, up from 3.31 in the December quarter.

Nationwide, there was an average of 61.6% active bidders at auctions, with the Sunshine Coast recording the highest average at an impressive 87.2% over the quarter, followed by Sydney on 63.8%.

Nickerson attributed the strong auction results to the ongoing housing supply and demand imbalance, which is pushing prices higher as more buyers compete for a limited number of properties. He noted that this state of play shows no signs of improving given the hundreds of thousands of new migrants calling Australia home at the same time as building approvals and completions hitting record lows.

With the minutes from the latest Reserve Bank meeting devoid of any mention of further interest rate hikes, Nickerson believes that this year is shaping up to be a stellar one for auctions nationwide.

Regional insights from Apollo auctioneers across the country highlighted the varying market conditions, with Brisbane, Logan City, and the Sunshine Coast experiencing strong demand and competition, while the Gold Coast and Northern Rivers saw solid market conditions, particularly in the affordable end of the market. Melbourne and Perth had mixed results, with Melbourne buyers appearing apprehensive to commit to transactions despite strong open home attendance, and Perth seeing a slow start to the year followed by a dramatic ramp-up in March.

In New Zealand, Apollo auctioneer Robert Tulp noted a sharp uptick in auction bookings as higher interest rates start to impact the market, with most regions seeing an uplift in listings, particularly in coastal townships.