news

Strong clearance rate posted in South East Qld

By webmaster

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.

Strong clearance rate posted in South East Qld
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%