Brisbane’s auction market has had its best start in years
2020-02-24
Brisbane’s auction market has had its best start in years, with the number of homes selling under the hammer hitting five-year highs at the weekend.
Among homes sold prior to auction was 21 Halstead Street, Coorparoo, which was previously set to go to auction at 10am on Saturday Feb 15.
BRISBANE’S auction market has had its best start in years, with the number of homes selling under the hammer hitting five-year highs at the weekend.
Preliminary results showed 61.5 per cent of homes that went under the hammer this past week sold, almost double that of a year ago (28.9 per cent), according to CoreLogic.
CoreLogic market analyst Kevin Brogan said the result came off a reasonable base of 104 auction listings which was about two-thirds of the peak season average (145).
“The reason this is significant is because we’ve had, for Brisbane, a moderately busy weekend and we’ve still got quite a high preliminary clearance rate,” he said. “In 2019 during the first half of the year the clearance rate barely went over 40 percent.
“Only two other occasions in the past five years has Brisbane seen a higher clearance rate during the January 1 to the present period – but both times were off substantially smaller bases, Mr Brogan said. The week that ended January 29, 2017 saw 63 per cent of the 30 homes listed for auction sell under the hammer, while the same week in 2018 saw 92.9 per cent of the 17 properties being auctioned sell off.
Realestate.com.au chief economist Nerida Conisbee said “buyers have been buoyed by low interest rates, easing of finance and the start of rising prices in the Brisbane market”.
“Brisbane isn’t traditionally an auction market, but if you are looking to sell in these conditions, it might be worthwhile taking your property under the hammer.”
Preliminary auction clearance rates:
Sydney 80.3% (last year 54.6%)
Melbourne 79.2% (last year 52.5%)
Brisbane 61.5% (last year 28.9%)
Adelaide 75% (last year 59.7%)
Perth 80.0% (last year 24.3%)
Tasmania n.a.
Canberra 90.3% (last year 45.5%)
Weighted Average 78.6% (last year 51.2%)
(Source: CoreLogic)
The two larger markets, Sydney (80.3 per cent) and Melbourne (79.2 per cent), were also way over levels they hit the same time last year (54.6 per cent and 52.5 per cent respectively).
Sales agent Peter Laoudikos of McGrath Bulimba said the rise in buyers was also driving up offers made before auction.
“We had five auctions that were set for the next two weeks and three have already sold with multiple offers,” he said.
Among homes sold prior to auction was 21 Halstead Street, Coorparoo, which was previously set to go to auction at 10am on Saturday Feb 15.
BRISBANE’S auction market has had its best start in years, with the number of homes selling under the hammer hitting five-year highs at the weekend.
Preliminary results showed 61.5 per cent of homes that went under the hammer this past week sold, almost double that of a year ago (28.9 per cent), according to CoreLogic.
CoreLogic market analyst Kevin Brogan said the result came off a reasonable base of 104 auction listings which was about two-thirds of the peak season average (145).
“The reason this is significant is because we’ve had, for Brisbane, a moderately busy weekend and we’ve still got quite a high preliminary clearance rate,” he said. “In 2019 during the first half of the year the clearance rate barely went over 40 percent.
“Only two other occasions in the past five years has Brisbane seen a higher clearance rate during the January 1 to the present period – but both times were off substantially smaller bases, Mr Brogan said. The week that ended January 29, 2017 saw 63 per cent of the 30 homes listed for auction sell under the hammer, while the same week in 2018 saw 92.9 per cent of the 17 properties being auctioned sell off.
Realestate.com.au chief economist Nerida Conisbee said “buyers have been buoyed by low interest rates, easing of finance and the start of rising prices in the Brisbane market”.
“Brisbane isn’t traditionally an auction market, but if you are looking to sell in these conditions, it might be worthwhile taking your property under the hammer.”
Preliminary auction clearance rates:
Sydney 80.3% (last year 54.6%)
Melbourne 79.2% (last year 52.5%)
Brisbane 61.5% (last year 28.9%)
Adelaide 75% (last year 59.7%)
Perth 80.0% (last year 24.3%)
Tasmania n.a.
Canberra 90.3% (last year 45.5%)
Weighted Average 78.6% (last year 51.2%)
(Source: CoreLogic)
The two larger markets, Sydney (80.3 per cent) and Melbourne (79.2 per cent), were also way over levels they hit the same time last year (54.6 per cent and 52.5 per cent respectively).
Sales agent Peter Laoudikos of McGrath Bulimba said the rise in buyers was also driving up offers made before auction.
“We had five auctions that were set for the next two weeks and three have already sold with multiple offers,” he said.
18 Feb 2020
Sophie Foster
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