Real Estate

Stars aligning for buyers as sellers meet market: Auctioneer

Written by The ReReport
As seen in the Source link, written by on 2019-03-19 02:50:44

Auction clearance rates - house for sale

Ian and Kylie Weir with their son Julius in Indooroopilly, Brisbane. Their home was sold by Martin Hood of Remax Riverside on February 1 for $1.05m. Picture: AAP Image/Claudia Baxter.

During January and February, in capital cities, we have fewer auctions than other months because most auction 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.

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, New Farm, and sold an incredible riverfront residence under the hammer marking Brisbane’s highest ever residential auction sale $7.75m. A very strong early sign in the Brisbane market.


Clayfield home to be demolished to make way for ‘monster’

Don’t let a property flip become a flop

Australia’s cheapest suburb is by the beach

49 Conifer Street, Alderley, sold under the hammer for $590,000. Agents were Scott Darwon and Robert Freeman of Ray White — New Farm.

Then on Saturday March 16, I suited up and headed out to call five auctions — with four out of the five selling under the hammer!

9am — 49 Conifer Street Alderley $590k

11am — 4 Strut Street Kedron $900k

12 noon — 6 Hollins Cres New Farm $1.95m.

1pm — 71 Robe Street Grange $1,000,001

3:30pm — 59 Haven Street Pullenvale (passed in) $1.8m

6 Hollins Crescent, New Farm, sold for $1.95m.

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!

10am — 10 Union Street Clayfield $1.25m

11am — 81 Laurel Ave Chelmer $1.25m

12 noon — 9 Glen Street Highgate Hill $725k

1pm — 20 Vista Circuit Runcorn $660k

2pm — 23 Arcoona Street Sunnybank $650k

3pm — 18 Beattie Street West End $850k

4pm — 7 Jabiru Drive Mango Hill $572k

10 Union St, Clayfield, sold for $1.25m. Agents were Shenal Yigitbas and Dwight Ferguson of Ray White — Ascot.

These auctions show strong sales and there is a temptation to jump on the ‘boom’ bus. But you can’t shape the market as thumping simply due to under the hammer sales.

What it does show is there are buyers in the market and Brisbane owners were 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 Farms ‘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, 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 licensed real estate agent and auctioneer, based in Brisbane. He’s been a columnist with News Corp since 2015 and regularly travels Australia and New Zealand working with agents, seeing first hand how the various markets are moving around the country.