Auction action remains red-hot

A lack of stock continues to fuel competition for homes sold under the hammer

THE auction market has been on a role over the past 18 months with both the number of auctions and clearance rates up significantly, compared with previous years. While the combination of a triple long-weekend, an impending Federal Election and a continued shortage of stock seems to have had little impact on the number of auctions being held, the clearance rates are falling.

Clearance rates were hovering between 50 per cent and 60 per cent last week, according to realestate.com.au, down from the heady 80 per cent to 90 per cent that was being registered around the same time last year.

The listings website reported 25 auctions on the Gold Coast, with 15 selling under the hammer, one before and one after, while five were passed in.

It remains a sellers’ market, with the dwindling pool of properties assuring fierce competition come auction day.

Attendance numbers and registered bidders remain at high levels. For example, a five-bedroom waterfront home at 26 Santabelle Crescent, Clear Island Waters, attracted more than 80 attendees and six registered bidders on the weekend.

The property, marketed through Daniel Moloney of Adcock Prestige, was sold under the hammer for $1.95m to a local buyer, who fought fiercely for it against a competitor from Melbourne.

Simultaneously, there appears to be a rise in the number of properties being listed for a fixed price. This practice almost disappeared during Covid because sellers and agents were unable to predict the potential of a property in such a heated market.

Whacking a $12.95m price tag on a property at 640 Nerang Rd, Carrara, in no way hindered its sale, however, with the property snapped up for above asking price.

Marketing agent Michael Kollosche of Kollosche, said the house, attracted multiple offers with $13m enough to seal the deal for the owners.

The sale set a new record for the suburb, surpassing the previous price paid by $1m.

Bling: 640 Nerang Broadbeach Road, Carrara, sold for a suburb record of $13m