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On the back of low auction volumes, the preliminary auction clearance rate fell to the lowest reading so far this year.
Because of the ANZAC day long weekend, for the second week in a row, auction volumes across the combined capital cities were low. A total of 859 auctions were held across the capital cities, compared to 642 the previous week and the preliminary auction clearance rate fell from 65.5%t the previous week to 64.0% last week.
This is the lowest clearance rate seen so far this year and the lowest clearance rate since June last year. Volumes are expected to ramp up again over the coming week, with RP Data expecting 1,927 auctions to be held across the capital cities.
Much like last week, because auction volumes were much lower than usual, we will just provide some key stats to give a wrap up of the auction markets over the week:
<img class="alignnone size-full wp-image-3161" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140427-Capital-city.jpg" alt="20140427 Capital city" width="983" height="364">
<img class="alignnone size-full wp-image-3164" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140427-City-by-city-table1.jpg" alt="20140427 City-by-city table" width="845" height="249">
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Anzac Day weekend slowest of the year so far: RP Data's national auction market wrap

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Auction volumes were high across the capital cities, with Sydney breaking all time record.
There were a total of 3,491 capital city auctions held across Australia last week, up from 2,692 over the previous week. With auction volumes at the highest levels seen so far this year, clearance rates increased from 66.2% over the previous week to 68.9% last week with Sydney driving the strong clearance rate.
As mentioned a couple of weeks ago, we had expected auction volumes to peak before the Easter break as the next couple of weeks are likely to be pretty quiet on the auction front.
At the same time last year, the final auction clearance rate was recorded at 61.8% with 1,410 capital city properties having been taken to auction.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Capital-city.jpg" target="_blank"><img class="alignnone size-full wp-image-3108" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Capital-city.jpg" alt="20140413 Capital city" width="990" height="722"></a>
There were 1,471 auctions held across Sydney last week, which means auction volumes have risen by nearly 30% when compared to the previous week when there were 1,137 Sydney auctions.
Despite this jump in auction volumes, the total number of auctions in Sydney was slightly less than in Melbourne over the week; however it was a record high for the city. Sydney’s preliminary clearance rate was resilient last week, despite the increased volumes, recorded at a sturdy 78.5%, compared to 73.2% over the previous week and just 67.2% at the same time last year, when there were 529 auctions held across the city.
At this stage, we expect just 392 Sydney auctions to be held over the coming week, with most of these occurring prior to Friday.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Sydney.jpg" target="_blank"><img class="alignnone size-full wp-image-3110" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Sydney.jpg" alt="20140413 Sydney" width="1004" height="659"></a>
A preliminary clearance rate of 64.2% was recorded last week in Melbourne from 1,143 auction results compared to 63.6% recorded the previous week and 66.5% at the same time last year.
This weekend brings to a close the busiest first quarter for auctions in the city’s history. Compared to this time last year there have been 58% more auctions held. For the next two weeks the market will see significantly reduced volumes with Easter and Anzac Day causing many vendors to have already had their auctions or wait.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Melbourne.jpg" target="_blank"><img class="alignnone size-full wp-image-3109" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Melbourne.jpg" alt="20140413 Melbourne" width="1002" height="656"></a>
In terms of an increase in auction volumes over the week, Brisbane was the stand out last week, with auction volumes almost doubling. There were 236 residential properties taken to auction in Brisbane last week and the preliminary auction clearance rate was recorded at 45.7%, compared to a final auction clearance rate of 52.8% over the previous week when there were 123 Brisbane auctions. At the same time last year, just fewer than 100 auctions were held across the city and the clearance rate for the week was recorded at a 36.4%.
Last week was the second week so far this year where there have been more than 230 Brisbane auctions over the week. To put that into perspective, the average number of weekly auctions held over 2013 was 137, while so far this year, there has been an average of just under 150 auctions per week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Brisbane.jpg" target="_blank"><img class="alignnone size-full wp-image-3107" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Brisbane.jpg" alt="20140413 Brisbane" width="994" height="649"></a>
Adelaide’s preliminary clearance rate for last week was recorded at a strong 73.8%, up from 62.1% over the previous week. Much like most of the other concentrated auction markets, Adelaide saw volumes increase over the week from 98 to 144. At the same time last year, Adelaide’s clearance rate was a lower 47.4% across the 63 properties that were taken to auction.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Adelaide.jpg" target="_blank"><img class="alignnone size-full wp-image-3106" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Adelaide.jpg" alt="20140413 Adelaide" width="990" height="649"></a>
Despite the overall increase in auction volumes over the week, there were three cities (Canberra, Darwin and Hobart) where the number of properties taken to auction last week was actually lower than the preceding week.
Taking a quick look around the cities, Perth’s clearance rate was almost unchanged last week at 33.3% across 55 auctions, Hobart saw a clearance rate of 50.0% with 16 auctions held across the city, Canberra had 50 auctions and a preliminary clearance rate of 65.5% and so far, one Darwin property has been reported as having successfully sold at auction.
RP Data is tracking just 590 auctions over the coming week with many of these auctions (just over 500) scheduled prior to the Easter weekend.
Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist.
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Sydney's strength lifts clearance rates: RP Data's national auction market wrap

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There were 2,669 auctions held across the combined capital cities last week, having fallen from 3,039 over the previous week.
While volumes were down when compared to the previous week, it is expected that this coming week will change that with auction volumes set to rise by 23%. Last week the preliminary auction clearance rate was recorded at 67.3% across the capital cities, compared to a final auction clearance rate of 67.7% the previous week.
At the same time last year, there were 1,308 capital city auctions and the final auction clearance rate was recorded at 61.7%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Capital-city.jpg" target="_blank"><img class="alignnone size-full wp-image-3082" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Capital-city.jpg" alt="20140406 Capital city" width="1003" height="729"></a>
In similar fashion to previous weeks, Sydney has recorded the strongest capital city auction clearance rate at 75.4% based on preliminary collection. There were 1,124 auctions held across the city last week, compared to 1,163 the previous week when the final auction clearance rate was recorded at 75.9%.
It is probably a good time to make mention of the fact that we have noticed over the past few weeks that we are seeing some downward revision each week when Sydney’s final results are being calculated. This is more than likely due to the reporting culture of auctions, where agents hold off on reporting their successful auction until they can confirm that no after auction result has been obtained. Over the same week last year, there were 528 Sydney properties taken to auction with 66.4% of these recording a successful result.
While Sydney’s auction market showed significant strength over the first quarter of 2014, it is interesting to see that this aligned with overall market performance. According to the RP Data-Rismark Daily Home Value Index, Sydney dwelling values increased by 4.4% over the March 2014 quarter. Based on the most recent weekly update, across the private treaty market, Sydney homes are currently selling at the fastest rate of any capital city.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Sydney.jpg" target="_blank"><img class="alignnone size-full wp-image-3084" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Sydney.jpg" alt="20140406 Sydney" width="1000" height="654"></a>
For Melbourne there were 1,204 auctions across the city last week with a preliminary clearance rate of 63.4% recorded from 960 auction results compared to 66.9% recorded last weekend and 63.2% this weekend last year. Over March 2014 the clearance rate was 69.9% from 5,322 auctions.
House and unit values are definitely rising but the high auction volumes are continuing to provide buyers with increased opportunity which is also likely contributing to a lower clearance rates as buyers have a greater number of auction properties to choose from.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Melbourne.jpg" target="_blank"><img class="alignnone size-full wp-image-3083" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Melbourne.jpg" alt="20140406 Melbourne" width="1002" height="651"></a>
Last week across the Brisbane auction market we saw conditions improve with the preliminary auction clearance rate recorded at 57.9%, with 122 Brisbane auctions held over the week.
Despite the strengthening clearance rate, last week was a sharp fall in Brisbane auction volumes after the busy week prior when there were 238 auctions held and a clearance rate of 47.1%, however, over the coming week volumes are set to ramp up again, with 218 Brisbane auction scheduled so far.
When we look at the Brisbane auction market at the same time last year, there were significantly less auctions (92) while the clearance rate was recorded at 49.3%, which is generally on par with the current market performance.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Brisbane.jpg" target="_blank"><img class="alignnone size-full wp-image-3081" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Brisbane.jpg" alt="20140406 Brisbane" width="996" height="653"></a>
There were 98 Adelaide properties taken to auction last week, with the preliminary clearance rate coming in at 67.3%, compared to the previous week when the final clearance rate was recorded at 55.6% across 107 auctions.
At the same time last year, there were 54 Adelaide properties auctioned over the week, with half of the properties recording a successful result at the time of reporting.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Adelaide.jpg" target="_blank"><img class="alignnone size-full wp-image-3080" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Adelaide.jpg" alt="20140406 Adelaide" width="989" height="652"></a>
Once again, auction activity across the other capital cities was much more subdued and again, results were mixed.
There were 33 auctions held in Perth last week and the preliminary clearance rate was recorded at 26.7%. Across Hobart, 22 properties went to auction with a clearance rate of 50.0% and a 43.8% clearance rate in Canberra across 66 auctions.
There were 8 auctions held in Darwin last week and so far RP Data has captured a result for 5 of these auctions. At this point, no successful results have been recorded.
There are currently 3,271 auctions being tracked by RP Data over the coming week, in what is set to be a busy week leading up to Easter.
*Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist
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Melbourne's preliminary clearance rate the lowest of the year so far: RP Data's national auction market wrap

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Last week was the busiest week so far this year for capital city auctions, with 3,009 properties taken to auction, increasing from 2,466 over the previous week.
Although auction volumes increased across the capital cities last week, the same cannot be said for the auction clearance rate, which fell slightly over the week, down from a final clearance rate of 69.4% the previous week to a preliminary 68.8%. It is expected that the next two weeks will be busy across each of the major capital city auction markets in preparation for a slow down around Easter and Anzac Day, with two consecutive long weekends in a row.
To put the ‘slow down’ into perspective, over Easter weekend last year, there were only 547 capital city auctions, down from 2,649 the previous week, and the clearance rate fell from 64.1% the week prior to 58.7% over the Easter weekend.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140330-Capital-city1.jpg" target="_blank"><img class="alignnone size-full wp-image-3059" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140330-Capital-city1.jpg" alt="20140330 Capital city" width="994" height="730"></a>
So far this year, Sydney has consistently been the strongest performing auction market in terms of clearance rates. This week was no different, with the preliminary auction clearance rate for Sydney recorded at 79.5%, up from 76.1% over the previous week. There were 1,151 auctions held in Sydney this week, the third time this year where auction volumes have been above 1,000 across the city. At the end of last year, Sydney was consistently recording 1,000 plus auctions on a week-to-week basis throughout November and leading up to Christmas.
With the RP Data-Rismark end of month figures out tomorrow, it is fair to say that it has been a strong month across the Sydney property market.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140330-Sydney.jpg" target="_blank"><img class="alignnone size-full wp-image-3056" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140330-Sydney.jpg" alt="20140330 Sydney" width="989" height="648"></a>
A preliminary clearance rate of 65.9% was recorded across Melbourne this weekend from 1,121 auction results compared to 69.4% recorded last weekend. This is the lowest clearance rate this year, but is consistent with the middle of December last year when there were 1,616 auctions.
Last weekend’s result reflects the high volumes where this month, there has been an average of around 1,060 auctions per week. This is a record high for auction volumes in March and has provided buyers with a very high level of choice. For this year, there has been five weeks so far where more than 1,000 properties have been taken to auction, compared to just two weeks at the same time last year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140330-Melbourne.jpg" target="_blank"><img class="alignnone size-full wp-image-3055" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140330-Melbourne.jpg" alt="20140330 Melbourne" width="994" height="654"></a>
Brisbane recorded a rise in auction clearance rates this week, with the preliminary clearance recorded at 45.5%, compared to 37.3% over the previous week. The number of residential Brisbane properties taken to auction last week was much higher than the previous week and much higher than anything we have seen so far this year. There were 237 auctions across Brisbane last week, compared to 130 the previous week. So far this year, the average number of properties being taken to auction in Brisbane is around 16% higher than in 2013.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140330-Brisbane.jpg" target="_blank"><img class="alignnone size-full wp-image-3053" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140330-Brisbane.jpg" alt="20140330 Brisbane" width="979" height="647"></a>
There were 107 Adelaide properties taken to auction last week, with a preliminary auction clearance rate of 62.9%. Over the previous week, Adelaide’s final auction clearance rate was recorded at 58.8%, with 80 properties taken to auction over the week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140330-Adelaide.jpg" target="_blank"><img class="alignnone size-full wp-image-3052" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140330-Adelaide.jpg" alt="20140330 Adelaide" width="996" height="661"></a>
For the smaller auction markets of Perth, Hobart, Canberra and Darwin, results were mixed over the week. There were 54 auctions held in Perth, with a preliminary clearance rate of 45.0%, 11 auctions held across Hobart with a clearance rate of 25%, 50 Canberra auction with a clearance rate of 60.0% and finally, Darwin had a preliminary clearance rate of 40%, with just nine auctions held across the city.
RP Data is currently tracking 2,491 capital city properties going to auction for the coming week.
*Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist
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Clearance rates slip amid busiest week of the year: RP Data's national auction market wrap

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Over the week, auction volumes remained relatively steady, with 2,431 capital city properties taken to auction, increasing only slightly from 2,293 the previous week.
Meanwhile, the weighted auction clearance rate across the combined capital cities improved slightly over the week, up from 70.8% the week prior to 71.2% last week. Unlike the previous week, the performance across Melbourne and Sydney was more aligned last week, with both cities recording a strong clearance rate. At the same time last year, auction volumes were at elevated levels as it was the week prior to the Easter long weekend.
Traditionally, the number of auctions that take place over this week each year increases by around 25% when compared to the week prior, last year however, volumes increased by over 40% leading up to the Easter weekend. Despite the high volume of auctions held the week before Easter last year (2,649), the auction clearance rate was recorded at 64.1%, which is much lower than we are currently seeing.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140323-Capital-city.jpg" rel="wp-prettyPhoto[g3024]"><img class="alignnone size-full wp-image-3027" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140323-Capital-city.jpg" alt="20140323 Capital city" width="992" height="733"></a>
There were 963 residential Sydney properties taken to auction over the week and the preliminary auction clearance rate was recorded at 77.9%, compared to a 79.8% clearance rate across 868 auctions over the previous week.
When we look at the Sydney auction market at the same time last year, auction volumes were lower (912) and a lower proportion of homes were selling successfully under auction conditions (68.6%). These results highlight just how strong current conditions are across the city. In line with the strong auction performance, Sydney home values over the past year have increased by 14.9%, reinstating the strong performance of the Sydney housing market.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140323-Sydney.jpg" rel="wp-prettyPhoto[g3024]"><img class="alignnone size-full wp-image-3029" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140323-Sydney.jpg" alt="20140323 Sydney" width="995" height="660"></a>
Across Melbourne, a preliminary clearance rate of 71.7% was recorded last week from 895 auction results compared to 67.0% recorded both last weekend and this time last year.
At the same time last year, there were slightly more auctions held across Melbourne (1,294) compared to the 1,149 held this week, and a marginally lower clearance rate. Currently, Melbourne home values are 12.2% higher than they were at the same time last year and with one week to go this month, early indications show Melbourne home values are on track to record solid growth through March despite the increasing levels of homes on offer for sale.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140323-Melbourne.jpg" rel="wp-prettyPhoto[g3024]"><img class="alignnone size-full wp-image-3028" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140323-Melbourne.jpg" alt="20140323 Melbourne" width="1005" height="661"></a>
Because Brisbane is a much smaller auction market than both Melbourne and Sydney, auction clearance rates across the city have the tendency to vary substantially from week to week. Last week, Brisbane’s preliminary auction clearance rate was recorded at 37.3%, down from 54.5% the week prior. Last week, 127 residential properties were taken to auction across the city, compared to 138 over the previous week.
Brisbane auction volumes are set to jump substantially over the coming week, with 214 properties across Brisbane set to go under the hammer, so it will be interesting to see if auction clearance rates improve over the coming week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140323-Brisbanejpg.jpg" rel="wp-prettyPhoto[g3024]"><img class="alignnone size-full wp-image-3026" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140323-Brisbanejpg.jpg" alt="20140323 Brisbanejpg" width="994" height="657"></a>
Compared to the previous week, Adelaide’s clearance rate was recorded at a much lower level, with the preliminary clearance rate for the city coming in at 59.3%, compared to a final clearance rate of 70.0% over the preceding week. The number of auctions that took place across the city also dropped over the week, from 95 the week prior to 80 last week.
While this is the lowest clearance rate recorded across the city so far this year, at the same time last year, the auction clearance rate (53.3%) was lower, while there were more auctions held across the capital (110).
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140323-Adelaide.jpg" rel="wp-prettyPhoto[g3024]"><img class="alignnone size-full wp-image-3025" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140323-Adelaide.jpg" alt="20140323 Adelaide" width="1002" height="659"></a>
Auction markets across the remaining capital cities (Perth, Hobart, Canberra and Darwin) tend to be very small with only a small number of auctions held each week. Last week we saw 30 auctions across Perth with a clearance rate of 57.1%, 25 auctions across Hobart with a clearance rate of 54.5% and 57 auctions in Canberra with a clearance rate of 53.3%. There were only three auctions recorded in Darwin last week, with no successful results.
Currently, RP Data is tracking 2,845 capital city properties that are scheduled to be taken to auction over the coming week, making this the busiest week for auctions so far this year.
Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist
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Strong clearance rates recorded in Sydney and Melbourne: RP Data's national weekend auction wrap

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After a quite week for auctions the previous week, auction volumes across each capital city market increased last week with 2,289 auctions held across the combined capital cities, compared to just 1,520 over the previous week. Last week, the preliminary auction clearance rate increased to 72.4%, from 70.2% the previous week, meaning that current auction clearance rates remain much stronger than they were one year ago (64.4%). While overall, clearance rates increased over the week, it is interesting to note that in Australia’s two largest auction markets, Melbourne and Sydney, there was more than a 10 percentage point difference between the weekly results.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140316-Capital-city-v2.jpg" target="_blank"><img class="alignnone size-full wp-image-3004" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140316-Capital-city-v2.jpg" alt="20140316 Capital city v2" width="460" height="342"></a>
Last week, Sydney’s preliminary auction clearance rate was recorded at 82.7%, the second strongest result for the year so far. There were 857 Sydney properties taken to auction last week, with volumes remaining virtually unchanged when compared to the previous week when there were 859 Sydney auctions, but a lower clearance rate of 78.8%.
Currently, Sydney’s auction market continues to track at a much higher level when compared to one year ago. Over the same week last year, 650 Sydney properties were taken to auction with 70.4% clearing.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140316-Sydney.jpg" target="_blank"><img class="alignnone size-full wp-image-3001" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140316-Sydney.jpg" alt="20140316 Sydney" width="460" height="304"></a>
In Melbourne, the preliminary clearance rate of 67.9% was recorded this weekend from 885 auctions compared to 67.3% last weekend and 66.4% this time last year.
Listing volumes are now surging in both private and auction sale segments with 11% more new residential listings over the last month compared to this time last year. Prospective vendors are clearly being encouraged by market activity in the first quarter of the year.
If this listing activity is matched by sales over the rest of the year we are likely to reach a level of transactions that both exceeds last year and the average over the previous decade. Final numbers for last year saw 81,590 sales in Melbourne. This was 11% higher than 2012 but 5% lower than the average over the previous decade.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140316-Melbourne-v2.jpg" target="_blank"><img class="alignnone size-full wp-image-3009" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140316-Melbourne-v2.jpg" alt="20140316 Melbourne v2" width="460" height="297"></a>
Brisbane recorded a much stronger preliminary clearance rate last week (56.2%) when compared to the previous week (45.0%), however auction volumes have remained steady over the two week period, with 139 auctions held in the city last week, compared to 138 the previous week. Over the same week last year, 37.5% of the 109 Brisbane properties taken to auction recorded a successful result.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140316-Brisbane.jpg" target="_blank"><img class="alignnone size-full wp-image-2998" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140316-Brisbane.jpg" alt="20140316 Brisbane" width="460" height="302"></a>
Both auction clearance rates and the number of properties taken to auction in Adelaide increased last week, when the preliminary auction clearance rate was recorded at 69.6%, compared to 63.2% over the previous week and there were 94 auctions held in the city, up from 80 auctions the week prior. So far this year, there has only been one week where Adelaide’s auction clearance rate has fallen below the 60% mark, while one year ago, just 48.7% of the 82 properties taken to auction sold.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140316-Adelaide.jpg" target="_blank"><img class="alignnone size-full wp-image-2997" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140316-Adelaide.jpg" alt="20140316 Adelaide" width="460" height="302"></a>
The number of auctions expected to be held across the capital cities this week will remain fairly steady, with RP Data currently tracking 2,297 auctions for the week.
*Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist.
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Auction volumes bounce back, but results vary across capital cities: RP Data's weekend auction wrap

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This week, a preliminary auction clearance rate of 72.8% was recorded across 1,494 auction results, with a total of 2,680 auctions held across the capital cities. Both auction clearance rates and auction volumes decreased last week, from 76.2% the previous week across 2,905 capital city auctions.
Currently, auction conditions are a lot stronger than they were at the same time last year. Over the corresponding week last year there were 1,983 properties taken to auction within the capital cities and RP Data recorded a clearance rate of 61.0%. It will be interesting to see if continuing high clearance rates encourage a further increase in the number of capital city properties taken to auction, given that current volumes are already so much higher than at the same time last year.
<a style="margin: 0px; padding: 0px; border: 0px; outline-width: 0px; vertical-align: baseline; background-color: transparent; color: #bf0000; text-decoration: none;" rel="wp-prettyPhoto[g2927]" href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140302-Capital-city.jpg" target="_blank"><img style="margin: 0px; padding: 3px; border: 1px solid #e6e6e6; outline-width: 0px; background-color: rgba(255, 255, 255, 0.701961); max-width: 100%; height: auto; vertical-align: bottom;" height="347" width="470" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140302-Capital-city.jpg" alt="20140302 Capital city" class="alignnone size-full wp-image-2930"></a>
Last week was Sydney’s second week this year where the number of auctions held in the city was more than 1,000. So far this year, Sydney’s auction clearance rate has been consistently recorded at or above 75%, which is much stronger than conditions seen at the start of last year. Last week, the preliminary auction clearance rate was recorded at 77.9%, with 1,019 properties taken to auction in the city. Over the previous week, there were 1,101 Sydney auctions and the final auction clearance rate was recorded at a strong 84.2%, the highest auction clearance rate seen in the city since September last year.
One year ago, there were only 751 Sydney auctions held over the week and the clearance rate was much lower, recorded at 61.1%. The increase in the number of properties taken to auction across the city demonstrates that vendors are becoming increasingly confident of a successful sale and are more willing to market their property under auction conditions.
<a style="margin: 0px; padding: 0px; border: 0px; outline-width: 0px; vertical-align: baseline; background-color: transparent; color: #bf0000; text-decoration: none;" rel="wp-prettyPhoto[g2927]" href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140302-Sydney.jpg" target="_blank"><img style="margin: 0px; padding: 3px; border: 1px solid #e6e6e6; outline-width: 0px; background-color: rgba(255, 255, 255, 0.701961); max-width: 100%; height: auto; vertical-align: bottom;" height="310" width="470" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140302-Sydney.jpg" alt="20140302 Sydney" class="alignnone size-full wp-image-2932"></a>
A preliminary auction clearance rate of 73.9% was reached from 1,319 auctions this week in Melbourne. This compares to 65.6% for the same time last year from fewer auctions.
This represents a substantial lift on the results a year ago and is a very strong result for the Melbourne market as it follows the highest volume of auctions for February on record.
Last month there were 2,623 auctions with a clearance rate of 71.5%. This was higher than the 2,571 recorded in 2010 although the clearance rate in February that year was 79.0%.
<a style="margin: 0px; padding: 0px; border: 0px; outline-width: 0px; vertical-align: baseline; background-color: transparent; color: #bf0000; text-decoration: none;" rel="wp-prettyPhoto[g2927]" href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140302-Melbourne.jpg" target="_blank"><img style="margin: 0px; padding: 3px; border: 1px solid #e6e6e6; outline-width: 0px; background-color: rgba(255, 255, 255, 0.701961); max-width: 100%; height: auto; vertical-align: bottom;" height="311" width="470" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140302-Melbourne.jpg" alt="20140302 Melbourne" class="alignnone size-full wp-image-2931"></a>
In Brisbane, less than half of all properties where RP Data recorded an auction result this week sold (42.4%), however, much like the other cities, there were more auctions held in the city this week (148) compared to the same week last year (111), when the clearance rate was recorded at a lower 37.7%. Over the previous week, Brisbane’s auction clearance rate was recorded at 63.6% with 161 properties taken to auction.
Although conditions across the Brisbane auction market are currently much weaker than across the larger auction markets of Sydney and Melbourne, it is important to remember than unlike Sydney and Melbourne, auctions account for a much smaller proportion of the overall Brisbane market.
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Last week, Adelaide recorded a strong clearance rate of 75.0% with 97 auctions held in the city. Over the previous week, 118 Adelaide properties were taken to auction and RP Data recorded a final auction clearance rate of 59.8%. So far this year, Adelaide’s clearance rate has been recorded above the 70% mark, however prior to this, the clearance rate in Adelaide had not exceeded the 70% mark since back in September last year. The number of auctions held across the city over the same week last year was 70, with a clearance rate of 38.9%.
<a style="margin: 0px; padding: 0px; border: 0px; outline-width: 0px; vertical-align: baseline; background-color: transparent; color: #bf0000; text-decoration: none;" rel="wp-prettyPhoto[g2927]" href="https://blog.rpdata.com/wp-content/uploads/2014/03/20140302-Adelaide1.jpg" target="_blank"><img style="margin: 0px; padding: 3px; border: 1px solid #e6e6e6; outline-width: 0px; background-color: rgba(255, 255, 255, 0.701961); max-width: 100%; height: auto; vertical-align: bottom;" height="312" width="470" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140302-Adelaide1.jpg" alt="20140302 Adelaide" class="alignnone size-full wp-image-2935"></a>
Auction volumes across the capital cities will be lower over the coming week due to multiple public holidays around the country. Currently, RP Data is expecting 1,402 auctions to be held across the capital city markets over the coming week.
Shana Miller is a research analyst at <a href="https://www.myrp.com.au/" rel="nofollow" target="_blank">RP Data</a>.
Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist
                      
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Capital city auction conditions a lot stronger than this time last year

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

Shana Miller

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