Auc­tions tipped to peak in De­cem­ber

The num­ber of peo­ple putting their houses up for bid is in­creas­ing na­tion­wide, with spring and sum­mer be­com­ing the prime sell­ing sea­sons, re­ports SOPHIE FOSTER

The Courier-Mail - Property - - REALESTATE NEWS -

QUEENS­LAND has a mas­sive few weeks of auc­tions on its hands in the lead-up to Christ­mas, with an­a­lysts ex­pect­ing num­bers to peak in late De­cem­ber.

RP Data hous­ing mar­ket spe­cial­ist Robert Larocca said auc­tion vol­umes were up across the cap­i­tal city mar­kets.

“The last week in Oc­to­ber is a big week for auc­tions right across the na­tion, and in Bris­bane, but there are likely to be larger ones in De­cem­ber,” Mr Larocca said.

Mel­bourne was ex­pect­ing to see its big­gest ever num­bers this week, but “Bris­bane tends to be last week of De­cem­ber when we get the very largest vol­umes”.

Mr Larocca said auc­tions re­mained a small part of the Bris­bane mar­ket, mak­ing up less than 10 per cent of all sales – a fig­ure that was less than half the na­tional av­er­age of 21.9 per cent.

But pro-auc­tion sen­ti­ment is ris­ing, ac­cord­ing to lo­cal agents and auc­tion­eers, with this week see­ing a 14 per cent rise in vol­umes on last week.

Award-win­ning auc­tion­eer Ja­son An­drew from the Ja­son An­drew Group said the Queens­land auc­tion mar­ket­place had sell­ers who were “more re­al­is­tic” in their ex­pec­ta­tions.

“Ven­dors here are more of the un­der­stand­ing that they’ve got to be in line with the mar­ket,” he said.

“You’re al­ways go­ing to come across peo­ple who pur­chased too high and need to sell, but buy­ers don’t fac­tor that in. It’s an as­sess­ment on value, it’s not ‘I need this’.”

Shane Hicks from Place Bulimba, who fetched the high­est price at auc­tion across the state last week for a fivebed­room Hol­land Park prop­erty, said the state was “re­ally get­ting used to the whole auc­tion process”.

“Syd­ney and Mel­bourne have re­ally led in the coun­try, and what we’re find­ing now is auc­tions are get­ting strong here as well,” he said. “Seven of the 10 prop­er­ties we took to auc­tion (last week) sold. I’ve taken 18 to auc­tion in 2014 and sold 100 per cent of those.

“There’s a real feel­ing in the mar­ket that an auc­tion is an ac­cept­able way to pur­chase, and a fair way.”

Spring was tra­di­tion­ally a peak sea­son for prop­er­ties com­ing on to the mar­ket, but Mr Hicks said there was also a new “sense of con­fi­dence in the air”, helped along by sus­tained low in­ter­est rates.

He said while a mar­ket in­un­dated with prop­er­ties was good for buy­ers, it also meant sell­ers needed to en­sure they pre­sented theirs in top light.

“Just be­cause the mar­ket’s good, doesn’t mean ev­ery­thing’s sell­ing,” he said. “More than ever, this is the best time to invest in a big­ger cam­paign than what you would do in other times.”

Real Es­tate In­dus­try Queens­land chief ex­ec­u­tive An­to­nia Mer­corella said state law re­quired any­one wish­ing to bid on res­i­den­tial prop­erty to reg­is­ter be­fore­hand.

This four-bed­room, three-bath­room home at 63 Welsby St, New Farm, sits on a 506sq m flat block and will be

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