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
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