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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.
<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-Brisbane.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="309" width="470" src="https://blog.rpdata.com/wp-content/uploads/2014/03/20140302-Brisbane.jpg" alt="20140302 Brisbane" class="alignnone size-full wp-image-2929"></a>
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

The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Shana Miller

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