Auctioneers are gearing for a massive run of auctions with clearance rates hitting record highs – almost double the five year average – as cashed up buyers swarm on limited homes for sale.
Finalised clearance rate data from market tracking firm CoreLogic shows a 74 per cent success rate in Brisbane in the last two weeks – a massive result given the five year average is just 44 per cent.
CoreLogic head of research Tim Lawless said “it’s a massive step up”.
“This is the first time we’ve seen Brisbane clearance rates persistently at this level or holding at this level – and in large volumes as well.”
Mr Lawless said auction activity was gathering momentum in the lead-up to the Easter break, with last week seeing the largest number of auctions (116) so far this year for Brisbane.
“It’s absolutely ramped up,” he said. “In February there were 84 auctions held, last week 116. We’ve definitely seen auctions accelerating … It was 103 last year so we’re seeing more auctions than a year ago and we didn’t see the auction market impacted by Covid-19 till late March 2020.”
Real estate agent Savva Koulouris of Place Woolloongabba said “any price point right now is starting to be busy across the board” especially with upgraders and interstate buyers on the hunt.
Melinda and Brett Roberts, whose house at 19 Eyre Street, Mount Gravatt East goes to auction at 3pm this Saturday, are among those hoping for a good result this weekend which would allow them to buy elsewhere in Brisbane.
“It was more of a personal decision rather than based on numbers,” Mrs Roberts said. “It was just the next stage for us and for our family.”
Mrs Roberts said while it was “probably harder to get into the market now”, her family was comfortable “selling and buying in the same market. It’s just part and parcel of this particular phase”.
Ray White Queensland chief auctioneer Mitch Peereboom said his firm saw February end with one of the best weeks on record for Queensland.
“I am proud to report an 82.5 per cent clearance rate under the hammer or prior to auction last week,” Mr Peereboom said. “With an average of 8.3 registered bidders and 93 per cent of the 57 auctions conducted this would easily be one of the best weeks on Queensland’s record.”
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