Real Estate

Auction results prompt cautious optimism

Written by The ReReport
As seen in the Source link, written by on 2019-03-19 07:22:56

We have fewer auctions in January and February than other months because most auctions are preceded by four weeks of advertising and open houses.

This means March is when auctions start to tell the story of the year, and the last couple of weeks have painted a very interesting picture.

Property Auction - 139 Sirius St, Coorparoo.

Ray White New Farm auctioneer Haesley Cush in action (AAP image, John Gass)

There has been a real sense of unpredictability in the market.

My first significant insight came on March 9 when I stood in front of a large crowd on Griffith Street at New Farm, an incredible riverfront residence that sold under the hammer for $7.75 million — Brisbane’s highest ever residential auction sale.

Supplied Editorial PP 16/03/2019 39 Griffith Street New Farm pics 1-2 of 2

39 Griffith Street at New Farm sold under the hammer for $7.75 million

39 Griffith St, New Farm

In my opinion, this was a very strong, positive early sign for the Brisbane market.

Then on Saturday, I suited up and headed out to call five auctions, with four of those selling under the hammer for between $590,000 and $1.95 million.


Kevin Seymour and Ben Seymour posing at 39 Griffith St, New Farm, the riverfront property they bought at auction. (AAP Image/Attila Csaszar)

This strong weekend of sales had me intrigued, so I called Mitch Peereboom, a fellow auctioneer, to hear how his day had played out.

He had seven auctions and sold all seven under the hammer.

These auctions show strong sales and there is a temptation to jump on the ‘boom’ bus.

But you can’t shape the market as a thumping one simply because of under the hammer sales. What it does show is there are buyers in the market, and Brisbane owners are happy to accept their prices, which means the market is moving forward.

Next week I will close out March with 20-plus auctions at Ray White New Farm Auction Under the Stars Event and it will be another great barometer of how the market is shaping up.

It is fair to say that these results, if continued, me we could see a lift in prices.

But to gauge it on a couple of strong weeks could be a little optimistic.

*Haesley Cush is a real estate agent and auctioneer for Ray White.