Brisbane Auction Clearance Rates Are On the Rise
Positive Signs in Brisbane's Auction Market
It’s generally accepted that auctions have slowed since the beginning of the Coronavirus pandemic across the capital cities, especially in those which have had harsher lockdown restrictions such as Sydney or Melbourne. And, although the Brisbane has seen an overall decline in scheduled auctions over the last few years, the number of auctions and auction clearance rates have both been rising steadily over the last 6 months indicating a strong market ready to return to business.
In Late 2020 and early 2021, it wasn’t uncommon to have a low number of properties go to auction. In an extreme example, during the week ending on 31st of January 2021, only 11 out of 33 scheduled properties were successfully sold by auction across Brisbane, totalling ~$4,000,000 in sales, with a clearance rate of 58%.
Skipping forward a just a couple of months to March 2021, the number of auctions and their clearance rates had already begun to increase significantly. During the week ending on the 7th March 2021, 38 properties were sold by auction, and 49 just 2 weeks after that. The auction clearance rates over this period were anywhere between the low 70s to mid 80s.
The latest results from Domain are definitely a bump up from these previous numbers with the week ending on the 20th of June having 63 properties sold by auction across Brisbane, with a clearance rate of 88% putting total sales that week at around $43,000,000. These results are looking much more positive than earlier in the year, and this isn’t even necessarily all of the total auctions for that week. CoreLogic have reported a total of 106 properties being sold at auction over the last week, which likely includes private vendor auction information.
The increase in the number of auctioned properties in Brisbane over the last 6 months is a good sign that the economy has no intention of slowing down, and although there was a period of instability in the auction market due to Coronavirus, the future seems to be looking positive.
For more information, or to speak to one of our experienced agents about your property needs, please don’t hesitate to contact us on (07) 3426 9888, or visit our website at www.jensenproperty.com.au
