Clearance rates in Brisbane and the Gold Coast topped 60 per cent in the last 'official' week of auctions, according to independent auctioneering firm Jason Andrew Auctioneers.
The overall result for the South East Queensland property market yielded a clearance rate of 48 per cent for the second week in a row, based on 79 auctions, the company added.
“This has been the best week of the year – while there will still be a smaller volume of properties go to auction this week, the official auction market has ended on a high,” said director Jason Andrew.
Australian Property Monitors (APM) reported an auction clearance rate of 31.6 per cent for Brisbane on the weekend.
As well as the healthy clearance rate, Mr Andrew said buyer activity literally exploded, with the average number of buyer registrations per auction at 2.67 per cent, two and a half times the year-to-date result and six and a half times the rate for 2010.
The percentage of forced sales was also high at 63 per cent, with the total number including 28 per cent mortgagee in possession sales and a further 14 per cent of vendors who cited financial stress as their selling motivation.
Mr Andrew said the week was unusually busy, with a high number of auctions and overwhelmingly willing buyers and sellers.
“Buyers have seen good opportunity at current prices and sellers have accepted the challenging market conditions,” he said.
“We auctioned a total of almost $50 million worth of real estate across the seven days, with $23.6 million successfully sold.”
“Of particular note was the Brisbane commercial clearance rate of 100 per cent, and the residential clearance rate across Brisbane and Gold Coast also strong at 60 per cent.”
“Traditionally December is a month where the tug-of-war between buyers and sellers is lessened, with both parties more motivated to finalise a sale.”
“This year, with uncertain terrain ahead in 2012, that sentiment has been stronger than ever.”