ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

&nbsp;

<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

&nbsp;

There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Joel Robinson

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

[smartcode_project_cta:default project_id=136432]

BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

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Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.

They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.

The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.
</section>

<section data-element_type="section" data-id="534a164">
Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.

“Melbourne is regaining momentum,"&nbsp;Stevens said.

"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.

“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."

<img alt="Kokoda" data-entity-type="file" data-entity-uuid="9a8de51d-8092-480a-8b7e-e081816692c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-29%20at%208.54.27%E2%80%AFAM.png?VersionId=VRHpV5.6beOu2cieKHWrw3ErMPuVOAuj" />

Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.

Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.

“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”

Kokoda Property will now progress concept design ahead of a future planning process.
</section>

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

First look: Kokoda secures Richmond site for new apartment development

Gold Coast developer Drew Group is fast approaching sell-out at its Main Beach apartment development, Lagoon Main Beach.

In the last nine months, Drew Group and sales partner Pezet Matheson have secured 31 sales totalling over $75 million, as the two-tower development advances towards completion under the expert eye of Hutchinson Builders.

“Today's buyers are more discerning than ever," Drew Group Managing Director Jon Drew says.

"It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

[smartcode_project:default project_id=108747 project_image_fid=193023]

Just over 50 per cent of recent&nbsp;sales have been to local buyers, reflecting the deep trust and connection within the Gold Coast community that Drew Group has developed over the years.

Demand has been particularly robust at the top end, with two of the three exclusive penthouses already sold, alongside five sub-penthouses. Only seven apartments remain in Lagoon's Signature Series — one&nbsp;penthouse and six sub-penthouses.

[smartcode_project:default project_id=108747 project_image_fid=284864]

Drew Group has also removed the much-maligned sunset clause from all contracts at Lagoon. The sunset clause — although rarely invoked, yet on occasion known to have been — allows developers to take back contracts on apartments should the building not be completed within the timeframe specified in the contract.

Pezet Matheson Co-Director Jayde Pezet says the fact Lagoon is&nbsp;within a year of completion, and has no sunset clause in contracts, provides certainty to buyers.

"This is paramount in the current market," Pezet says.

Drew Group has committed to providing the highest level of security inclusions — none more impressive than the Ubiquity Access Control System, a cutting-edge facial recognition technology that is one of the most state-of-the-art keyless entry systems on the market.

[smartcode_project:default project_id=108747 project_image_fid=190743]

One of the biggest drawcards to Lagoon has been the size of the apartments.

"It is unlikely that any future new development in Main Beach will be able to offer such spacious living at this price point," Drew says.

"Today's buyers are more discerning than ever, carefully evaluating amenities like gyms, spas, workspaces, and beach lockers, along with quality finishes. It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

Lagoon is set to complete construction in mid-2026.

[smartcode_project_cta:default project_id=108747]

Lagoon Main Beach approaches sell-out as local buyers drive $75m in sales

Auction

A modernised 91 sqm unit at Lakemba with a lock up garage was Sydney&#39;s cheapest weekend auction sale.

The 1970s apartment came with a storeroom/home office.

The 12/586 Punchbowl Road Lakemba offering was offered through Ray White Punchbowl agents Kamal Ali and Sam Mehedi.

The two bedroom, one bathroom apartment went to auction with a $360,000 price guide.

[smartcode_project:default project_id=24323 project_image_fid=43444]

It was marketed as having a very high rental potential.

It comes with strata fees of $615 per quarter.

&nbsp;

It last sold at $210,000 in 2003, meaning the sale represents a near doubling in value

jchancellor

$408,000 Lakemba apartment ranked as Sydney's cheapest weekend apartment auction outcome

The one bedroom apartment at 306/270 King St, Melbourne was the cheapest auction deal.

The apartment was secured for $330,000.

The price guide from the Brady Residential selling agents was $320,000 to $350,000.

It last sold at $317,500 in 2010.

[smartcode_project:default project_id=89720]

There have been two other one bedroom sales this year at $300,000 and $328,500.

The 61 sqm space was last available for rent in March at a $280 a week asking rental through Micm Real Estate.

It was available last November at $350 a week.

Its peak asking rental was $450 a week in early 2019.

The current rental has slipped back to close to its 2006 asking rent of $275.

The block has 175 apartments.

This year has seen five one bedroom apartments that sought rentals at between $280 and $300 a week.

The one bedroom 306/270 King St, Melbourne was snapped up pre-auction for $330,000

$330,000 sale secures Melbourne's cheapest weekend auction deal

Sydney&rsquo;s top weekend sale came auction eve when a Cronulla apartment was snapped on Friday.&nbsp;

The four bedroom, three bathroom Saltaire apartment at 201/21-23 Prince St fetched $5.8m through Highlands Property agent Mitchell Wynn.&nbsp;

The apartment is set in the boutique block of eight spread over flour floors.

The second floor space last sold at $3.8m in 2018.

[smartcode_project:default project_id=6201]

Cronulla&#39;s median apartment price sits at $825,000 according to realestate.com.au.

Sydney’s top sale came weekend auction eve when a Cronulla apartment was snapped Friday. 

$5.8 million trophy Cronulla apartment sale tops weekend results

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The demand for property in Victoria reached record levels in February.

Some 84.8 per cent of the 3,000 properties that went to auction sold under the hammer, the Real Estate Institute of Victoria found.

It was also the highest clearance rate of any month over the last 11 years, topping an old 2010 record which saw an 84 per cent clearance rate.

There were 17 suburbs which saw a perfect auction run, clearing 100 per cent of its properties at auction.

The likes of inner city Hawthorn East, Brunswick East, Collingwood and Fitzroy North saw all of its homes sell.

[smartcode_project:default project_id=3730]

Also scoring a perfect game were Ferntree Gully, Rowville, Seaford, Ashburton, Blackburn South, Fawkner, Wantirna, Boronia, Fairfield, Hillside, Seddon, as well as the bayside suburbs Sandringham and St Kilda West. 

[smartcode_project:default project_id=324]

Reservoir, Coburg, and Bentleigh East beat out the rest to land as the top selling auction suburbs for February 2021, clearing 44, 37, and 35 auctions respectively, while 11 suburbs at least doubled their auction sales compared to same month in 2020.  

The best improvements on last year are in Sunshine North, Dingley Village, Gladstone Park, Ashwood, Albert Park, Fitzroy North, Doncaster, St Kilda West, Montmorency, Hoppers Crossing, and Templestowe.  

The REIV put the stellar results down to government incentives for first home buyers, mortgage repayment holidays and low interest rates, as well as pent up demand following the COVID-19 enforced lockdowns which saw thousands of auctions cancelled.

 
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There were 17 suburbs which saw a perfect auction run, clearing 100 per cent of its properties at auction

Victoria sees highest February auction clearance on record

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EXPERT INSIGHT

Despite the pandemic, Australia is in the midst of a hugely competitive auction market. Sydney, in particular, is experiencing dizzying auction clearance rates and the Reserve Bank’s decision this week to keep interest rates extraordinarily low will no doubt keep auctioneers busy.

If you’ve ever taken part in an auction, you’ll know emotions can run high, and sometimes drive us to bid more than originally intended.

Our paper, published in the journal <a href="https://cognitiveresearchjournal.springeropen.com/articles/10.1186/s41235-020-00259-w">Cognitive Research: Principles and Implications</a>, found the way auctions are designed and run can vastly increase competitive arousal in bidders.

That’s obviously valuable information for sellers. But if you’re a buyer, the good news is there’s a lot you can do to ensure your competitive spirit doesn’t leave you with a bad case of buyer’s remorse.

To see just how far people were willing to go to win, we studied people’s behaviour in one of the most competitive bidding environments possible: a Dutch auction.

What is a Dutch auction?

<a href="https://www.investopedia.com/terms/d/dutchauction.asp">Dutch auctions</a> are a special auction format where the price starts unrealistically high and then comes down in increments and the first person to bid wins.

Originating in the Netherlands for the rapid sale of perishable goods such as flowers, these auctions are fast, exciting and ultra-competitive. Bidders put everything on the line with the timing of a single bid.

Bidders must trade-off between certainty and price: bid early to secure the item and you pay top dollar; bid later at a lower price and you risk losing to another bidder.

Dutch auctions run this way are not common in the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2018-04-04/dutch-auctions-a-grey-area-in-real-estate-industry/9614392">Australian property market</a>, but by studying how people behave in them we can learn a bit about how competitive spirit influences decision-making in other settings.

A strong sense of competitive spirit may be a <a href="https://www.psychologytoday.com/us/comment/887180#comment-887180">human trait</a> honed by years of evolution, but in a heightened competitive environment you may become more willing to take risks you otherwise would not.

You might find your focus drifting toward a different (and possibly dangerous) form of motivation — the desire to win at all costs.

Burning through the budget

Our recent study looked at people’s bidding behaviours during a series of simulated Dutch auctions where we asked participants to imagine being managers of a warehouse.

They were asked to bid against their competitors to buy goods and fill up their warehouse, while staying within their allocated budget.

By bidding early, they stood a better chance of filling up their warehouse quickly but risked paying too much for the goods and running out of money before the warehouse was full. Wait too long and they risked losing the chance to buy stock at all, and watching it go into their competitors’ rapidly-filling warehouses.

In this tense environment, we found people were willing to sacrifice a better long term financial outcome for the sake of simply beating their competitors. In other words, they often burned through their budget too quickly just to “win”.

People initially made well placed and reasonably priced bids early in the auction series.

As the auctions continued, however, we watched participants place bids that unnecessarily, and perhaps irrationally, drained their budget for the sake of a short term victory.

Three ways to win without losing in the long term

Our study helps shed light on bidder behaviour in lots of markets, whether it is property, eBay, auction houses or any setting where the competitive spirit can take hold.

If you’re attending an auction, and don’t want to be a winner who loses in the long term, here are three ways to avoid falling victim to your own competitive spirit:

<ol>
<li>
	be aware that your decisions when in “competition mode” can push you past your budget. Separating the emotion from the decision can help minimise your risk of overspending.
	</li>
	<li>
	set your spending limit before you start and know when to stop. Our findings suggest that competition can easily drag us past that point. While winning is nice, it can also be a curse.
	</li>
	<li>
	give a friend your budget and have them bid for you. Beware their sporting nature, though; they might also be tempted by the thrill of victory.<img alt="The Conversation" eibjtljsu="" height="1" neutgmxam="" nh14kg3yh="" ns="" src="https://counter.theconversation.com/content/156371/count.gif?distributor=republish-lightbox-basic" width="1">
	</li>
</ol>
<a href="https://theconversation.com/profiles/murray-bennett-1207043">Murray Bennett</a>, PhD candidate, <a href="https://theconversation.com/institutions/university-of-newcastle-1060">University of Newcastle</a>

This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/why-the-competitive-spirit-can-take-over-in-auctions-and-how-you-can-stay-in-control-156371">original article</a>.
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jordan_55689

Why the competitive spirit can take over in auctions and how to stay in control

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Across the capital cities some 2,094 homes were scheduled for weekend auction, up from 1,496 over the previous week.

Of the 1,754 results collected so far by CoreLogic, 84 per cent have reported a successful result.

The national auction volume sat around 20 percent down over the same time last year, when 2,517 homes were taken to pre-COVID-19 pandemic auction with 72 per cent sold.

"Auction markets are set to be tested on larger volumes next week, with CoreLogic tracking close to 2,500 capital city auctions scheduled to be held," Corelogic’s Tim Lawless noted.

Melbourne was host to 1,061 weekend, auctions, down on this time last year's 1,248 homes. 

Of the 908 results collected so far by CoreLogic, 82 per cent were successful, down from last week’s preliminary clearance rate of 87 per cent, which revised down to 70 per cent at final figures.

In Sydney, 769 homes were taken to auction last week, compared to 963 this time last year. The preliminary clearance rate came in at 88 percent.

"It is likely that Sydney’s final auction clearance rate will come in above 80 per cent for the third consecutive week," Tim Lawless suggested.

Sydney's had the nation's highest declared sale was in Elizabeth Bay, when a freestanding Queen Anne revival-style mansion on 512 sqm sold for $8.5 million. 

The property offered by the bankruptcy trustee last traded for $2.9 million in 2001.

Across the smaller cities, Canberra recorded the highest preliminary clearance rate at 92 per cent, followed by Adelaide at 85 per cent.  

Dr Andrew Wilson, the chief economist at AI property intelligence platform Archistar noted the weekend saw “red-hot auction markets with rampant buyer activity in all capitals showing no sign of easing.”

All capital cities recorded clearance rates well above 80% on Saturday, with Melbourne the exception just failing to reach that benchmark by 0.4%

Saturday’s clearance rates were generally significantly higher than recorded over the same day last year with the exception of Melbourne that was marginally lower.

Dr Wilson noted Sydney’s Lower North, Northern Beaches and Upper North Shore were the top weekend auction regions all recording clearance rates above 90%.

Sydney recorded a median price for houses sold at auction on the weekend of $1,692,500.

At 87 percent, the clearance rate for units was slightly below that reported for houses. The median unit sale was $970,000.

Melbourne recorded a median house auction price of $1,050,000 at the weekend. The median price for units was $687,500.

The clearance rate for Melbourne units was slightly below that reported for houses.
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Auction wrap: What happened under the hammer February 20?

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There were 1,529 homes scheduled for auction across the combined capital cities last week, up from 1,304 over the previous week. 

Of the 1,191 results collected by CoreLogic so far, 86 per cent have reported a successful result, higher than last week’s preliminary auction clearance rate of 83 per cent which revised down to 79 per cent at final figures.

Over the same week last year, 1,596 homes were taken to auction and 73 per cent of reported results were successful. 

“While the preliminary clearance rate came in strong, it’s important to note that as remaining auctions are collected, we will likely collect more withdrawn results, particularly in Melbourne where another lockdown is currently in place, which would lower the final clearance rate,” CoreLogic’s Tim Lawless suggested.

Melbourne was set host to 668 auctions this week, up from 615 over the previous week.. Of the 467 results collected so far, 87 per cent were successful, up from last week’s preliminary clearance rate of 80 per cent, which was revised down to 76 per cent at final figures. 

Preliminary results show that 47.6 per cent of the successful auctions in Melbourne were sold prior, while so far, just 8 per cent have been reported as withdrawn which we expect will increase over the coming days as the remaining results are collected now that the city is back in a stage 4 lockdown which was only announced on early Friday afternoon..

In Sydney, 624 homes were taken to auction, compared to 447 over the previous week and 583 this time last year.

Sydney’s preliminary clearance rate came in at 87 per cent, down from the previous week’s preliminary clearance rate of 89 per cent, which revised down to 84 per cent at final figures. 

The same time last year saw 75 per cent of reported auctions were successful.

Across the smaller cities, Canberra recorded the highest preliminary clearance rate at 91 per cent, followed by Adelaide on 89 per cent, Brisbane at 62 percent and Perth at 42 percent.

Dr Andrew Wilson, chief economist at Archistar noted “home auction markets continued to report record-level results across-the-board at the  weekend as buyers compete fiercely to secure available property."
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Of the 1,191 results collected by CoreLogic so far, 86 per cent have reported a successful result

Auction wrap: What happened under the hammer on February 13?

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Weekend auction markets saw the combined capitals’ preliminary clearance rate edging above 83 per cent, the best ever rolling success rate recorded by CoreLogic. 

It bettered a brief period in May 2015 and before that in September 2009.

Domain reported the Sydney’s auction market had its biggest result in 24 years, as its preliminary clearance rate reached 88.7 per cent on the weekend.

Every capital city recorded above 70 per cent, CoreLogic noted, after 1287 homes were taken to auction, up on the 884 auctions in the prior week. Over the same week last year, 1167 homes were offered across the capitals, returning a 67 per cent success rate.

It was Canberra that secured the highest weekend clearance rate of 92 per cent.

Sydney followed at 89 per cent, then Adelaide’s 82 per cent, Melbourne on 80 per cent, Perth at 75 per cent and Brisbane on a stronger-than-usual 74 per cent.

The nation’s top auction result was a beach house at Avoca Beach on the NSW Central Coast which fetched $7 million through McGrath.
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Every capital city recorded above 70 per cent, CoreLogic noted, after 1287 homes were taken to auction

Sydney's auction market biggest result in 24 years

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Despite a falling auction clearance rate, the volume of auctions being held across the combined capital cities and in particular, Melbourne, is rising.
Last week, the final auction clearance rate fell to 67.4% across 2,858 capital city auctions, while this week CoreLogic RP Data is expecting there to be just over 3,000 auctions held across the combined capital cities.
Melbourne will be the busiest city by far this week, with 1,710 auctions expected, indicating the busiest week for the city this year, but the auction market won’t be as busy as it was at the same time last year, when over the week 1,837 Melbourne homes were taken under the hammer. Last week, Melbourne was the strongest performing capital city market with both the highest volume of auctions (1,398) and the highest clearance rate (72.7%).
Notably, Melbourne’s auction performance last week was much stronger than Sydney, with the city recording its lowest clearance rate since early 2013 at 63.7%, representing a substantial fall from the previous week (69.6%). This week, Sydney is expecting 996 auctions to be held, relatively similar to last year when 961 Sydney homes were auctioned.
Auction markets will be busier in Brisbane (213), Adelaide (109) and Perth (35) this week compared to last week when 145, 93 and 16 auctions were held respectively. Canberra’s auction market activity will slow down this week, with 60 auctions expected, compared to 86 the previous week.
This week, the busiest individual suburbs for auctions are all in Victoria:
– Glen Waverley (30 auctions)
– Reservoir (23 auctions)
– Mount Waverley (22 auctions)
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Clearance rate falling, auction activity rising: CoreLogic RP Data's Shana Miller

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The number of auctions scheduled across Australia’s capital cities is relatively low this week, again driven by the school holidays.
Across the combined capital cities, CoreLogic RP Data is currently tracking 1,705 auctions this week, slightly higher than the 1,674 last week, but far fewer than the preceding three weeks. Last week, the final auction clearance rate across the combined capitals was 76.8%, remaining steady when compared to the previous week (76.9%). So far this year, the auction clearance rate has been much higher than at the same time last year, with last week being no exception.
Currently, CoreLogic RP Data is tracking 660 Melbourne auctions, only slightly higher than last week, when there were 640 auctions across the city and higher than at the same time last year (567). Last week, 78.6% of the reported auctions across Melbourne were successful; this was the fourth consecutive week in a row where Melbourne’s clearance rate was below the 80% mark.
There are 796 Sydney auctions planned this week, up from 734 last week and much higher than the 580 at the same time last year. For the second week in a row, Sydney’s auction clearance rate was recorded at 82.0% last week.
Across Brisbane, 120 auctions are scheduled this week, after there were 115 Brisbane auctions last week and 118 at the same time last year. Last week, Brisbane’s clearance rate was 63.5%, the strongest result for the city since February, and the second highest clearance rate for 2015.
Much like Sydney and Melbourne, Adelaide’s clearance rate was steady last week, at 69.3%, down only slightly from 69.9% the previous week. There are 66 Adelaide auctions scheduled for the coming week, lower than last week and last year (both 85).
Canberra has 31 auctions set to take place this week, down from 58 last week and 41 last year.
Across Perth 22 homes will be taken to auction over the week, compared to 35 last week and 24 last year.
This week, the highest number of auctions across any one individual suburb will be in the Victorian suburb of Reservoir (15), followed closely by New South Wales’ Blacktown (14) and Queensland’s Surfers Paradise (14).
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