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The value of high end properties in Brisbane, particularly acreage properties, are down by almost 20 per cent on four years ago, according to the latest results from independent auctioneering firm Jason Andrew Auctioneers.
A 12 hectare property at Rochedale boasting a 4470sqm house that is arguably Brisbane’s largest, sold below expectations via a mortgagee in possession under the hammer last weekend for $3,550,000.
Director Jason Andrew said the Rochedale property attracted a high level of interest throughout the marketing campaign handled by agent Mikki Finlay, particularly in comparison to current activity levels. 270 groups inspected the house, with 16 registered bidders resulting in four bidders actually making a bid. This compares to a market average for the week of 18 groups inspecting, 1.8 registered bidders per auction and less than one actually making a bid.
“Despite an extraordinary level of interest in this property and a number of very willing bidders, the eventual sale price was quite low,” Mr Andrew said.
“We are seeing a number of prestige acreage properties selling for around 20 per cent less than market value of around four years ago.”
The result comes at the same time RP Data reported property values for all houses declined by 1.8 per cent in Brisbane during March.
Mr Andrew also reported an auction clearance rate of just below 50 per cent.
“The clearance rate for last week was 44 per cent, which is still a healthy result. Interestingly, the average shift across the board from the vendor’s reserve on auction day for properties sold under the hammer dropped to 3.84 per cent.”
“All of this suggests that the buyers are there, the sales are happening, but only when the vendor is fully aware of current market value and is ready and willing to accept it.”