Earlier this month, Brisbane saw its highest auction clearance rate in two-and-a-half years.
Of 93 properties put to auction, 57.1 per cent sold. This is the highest result since May 2017 when the clearance rate topped 59.6 per cent, reports news.com.au.
The data comes courtesy of CoreLogic which claims Brisbane’s clearance rate is the most improved capital city market in Australia.
“What’s really interesting about Brisbane is that (the clearance rate) started the year in the mid to high 20s and took until the end of April to reach 40 per cent,” said CoreLogic auction market commentator Kevin Brogan.
In August it reached just over 50 per cent and then pushed higher again in September, showing sustained signs of improvement. Mr Brogan pointed to burgeoning buyer confidence as one factor driving the surge.
“You can’t deny two interest rate cuts and more on the way, certainty around capital gains tax and negative gearing … tax cuts and APRA’s changes to the loan serviceability buffer have had an impact,” he said.
Even if an auction doesn’t appeal to you – and let’s face it, most Brissie buyers and sellers prefer a private treaty sale – it’s still a good sign that this year’s spring selling season has well and truly sprung.
Not sure of the best way to sell your property? Book a valuation or talk to us about selling.