Auction market springs to life
Place estate agents has launched a $70 million spring auction campaign with up to 50 properties set to go under the hammer across Brisbane.
The campaign, which kicked off last week, coincides with strong buyer interest and healthy auction clearance rates.
Overall Place achieved a 60 per cent clearance rate last weekend, above Brisbane’s average rate of about 45 per cent.
The group’s chief auctioneer Peter Burgin (pictured) said the auctions had experienced good attendance across the board.
‘‘The smallest crowd would have been 30 people and some auctions had more like 80 people,’’ Mr Burgin said.
‘‘Buyers are flocking to auctions in record numbers, and there is a greater understanding of the auction process from the market in general.’’
Mr Burgin said buyer interest had strengthened as consumer confidence returned.
‘‘As far as auction registrations go the number of people has doubled from this time last year,’’ he said.
‘‘And in the last four weeks there has been a dramatic increase in properties available - spring is the big selling season.’’
According to RP Data, property sales volumes in Brisbane increased by 35 per cent over the three months ending June this year, compared with the same time in 2008.
Place’s auction campaign will involve six offices in Brisbane, with homes offered across all price points.