Auc­tion mar­ket springs to life

The Courier-Mail - Property - - Market Movements -

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.

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