.png){kind=small}
As the Australian spring season ushers in the peak period for real estate transactions, two prominent agencies have launched large-scale auction events that have ignited the market. Harcourts Queensland recently hosted its nationwide Blue Friday event at Howard Smith Wharf in Brisbane, featuring a whopping 213 auctions from the state alone, with 154 of these based in Brisbane. This remarkable event provides a clear picture of the current property market in South East Queensland, according to Mitch Peereboom, CEO of Harcourts Queensland.
The Blue Friday event is not just a commercial endeavour but also a charitable one. For every property sold on Blue Friday, $100 will be donated to Beyond Blue, a mental health organisation. The Harcourts Foundation has guaranteed a minimum donation of $50,000. This charitable initiative has been well received by sellers who are eager to contribute to this worthy cause.
In the first hour of auctions alone, 20 properties were up for bidding, with 17 successfully sold. This resulted in an approximate clearance rate of 60%, indicating the event's success. Peereboom expressed his delight at the event's outcome, stating that clearance rates were at their highest for the year. He added that the significant number of registered bidders was indicative of a mature market where people feel comfortable investing in real estate.
Despite the current low stock across the state, Peereboom believes that sellers will gain confidence in listing their homes on the market as they witness stronger results. As he puts it, "auctions are the most transparent environment and deliver those results."
Meanwhile, Ray White Mt Gravatt celebrated their largest auction event to date on Thursday night. All 13 properties were sold, attracting more than 300 bidders eager to secure a piece of Brisbane's property market. The total sales amounted to $13.5 million, marking a significant milestone for the agency.
One of the successful vendors, Scott Komel, shared his experience of buying an old, uninhabitable house three years prior. After knocking it down, subdividing the land, and building two houses, he decided it was an opportune time to sell given the state of the property market. Despite construction delays of six to eight months due to shortages, he was pleased with the final outcome.
Komel's advice to those looking to buy their first home or buy an investment property is to enter the market as soon as possible. He believes that the quicker you purchase a property, the better off you'll be. This sentiment is echoed by Grant Boman, principal and auctioneer at Ray White Mt Gravatt, who stated that the current market is driven by low supply. This high demand is evident in the active bidding seen at auction events.
The large-scale auction events hosted by Harcourts Queensland and Ray White Mt Gravatt are a testament to the buoyancy of the Australian property market. These events offer a clear snapshot of the market dynamics and provide a transparent platform for buyers and sellers alike. Whether you're looking to buy your first home or seeking investment property support, these auctions provide a unique opportunity to navigate the Australian property market. With plans to host these events biannually or even three times a year, they are set to become significant fixtures on the Australian real estate calendar.
this information is provided by A1.