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Renee McKeownMon 28 Mar 22

Auctions Skyrocket on Back of Nation’s Property Boom

The number of auctions held in Brisbane has tripled and Canberra has overtaken Melbourne as the auction capital as demand continues to transform the market

The number of auctions held in Brisbane has tripled and Canberra has overtaken Melbourne as the auction capital as demand continues to transform the market.

Across the country, auctions have resulted in higher selling prices in the past year with the volume doubling overall over the past decade, according to research by Domain.

The report showed there was a significant upswing in auction numbers during 2021, particularly in the emerging auction markets of Canberra, Adelaide and Brisbane.

Houses sold at higher prices during the weekend than other days across all markets except Sydney, where midweek auctions were more successful, although nationally units sold better during the week.

Median price by sale method, 2021


Sold by auctionHouse auctionHouse private treatyUnit auctionUnit private treaty
Sydney24%$1.79m$1.1m$1.07m$760k
Melbourne25.8%$1.14m$812k$720k$575k
Brisbane6.4%$1.04m$622k$586k$440k
Adelaide15.6%$759k$540k$523k$369k
Canberra27.6%$1m$840k$670k$528k
Perth-$930k$517k-$368k
Hobart--$630k-$541k
Darwin-$678k$575k-$370

^Source: Domain In-focus Auctions report

During 2021 every capital city achieved a higher median price at auction compared to private treaty.

In particular, Brisbane had a price differential of 66 per cent for houses and 42 per cent for units, followed by Sydney with 63 per cent for houses and 41 per cent for units. 

Domain chief of research and economics Nicola Powell said we could expect to see a growing number of auctions in the coming years. 

“And this trend is not isolated to just one city, we’re seeing it across Australia and spreading from the higher-priced suburbs into the middle and outer suburbs,” she said. 

“Buyers and sellers are embracing the transparency and efficiency that auctions can often provide, and the fact that all cities have a higher median price at auction compared to private treaty.”

AUTHOR
Renee McKeown
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Article originally posted at: https://www.theurbandeveloper.com/articles/auctions-double-triple-in-property-boom