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Interest rate movements haven’t deterred buyers in South East Queensland, with an independent auctioneering company reporting a 61 per cent finalised clearance rate last week.
“Buyers do not appear to be concerned about interest rates,” Jason Andrew Auctioneers director Jason Andrew said.
“On the other side of the equation, last week we recorded 76 per cent of vendors as being highly motivated and in a forced sale position.
“We are particularly noticing an increase in overall activity in Brisbane’s inner ring, where a shortage of quality stock is netting some healthy results,” the Real Estate Institute of Queensland (REIQ) auctioneer of the year said.
“Overall the results are encouraging.”
The group reported the average number of registered bidders per auction remained consistent over the previous week at 1.4, with the percentage of those registered actually making a bid dropping slightly to 0.51 per cent.
Mr Andrew said that active buyers appear to have already adjusted to the idea that the banks may adjust rates outside of the Reserve Bank’s monthly decision and do not appear to be influenced by what may happen next week.
“Interestingly, the average dollar shift downwards from the vendor’s reserve was only 5.4 per cent for those properties that sold under the hammer, indicating that those vendors were ready to accept and cognisant of current market value.”
Jason Andrew Auctioneers’ results – which reflect around 18 per cent of the South East Queensland and northern NSW auction markets - are well above the 30 per cent auction clearance rate reported by Australian Property Monitors (APM) for Brisbane on the weekend.