THE next two weekends, Saturday the 25th February and March 4, are likely to be huge for auctions across the country.
When you consider that auctions usually have a three to four week lead in and the vast majority of sellers wait until after Australia Day to list their property, it gives strong support to this prediction.
And there will be a lot of interest in these results. It will give a good-sized market sample and the results will either spur on or cool the 2017 market.
As I look at my calendar for the upcoming week there are currently 37 auctions locked in and the majority of those agents are reporting strong inspection numbers.
I’ve called just under 15 auctions so far this month and all but two sold. While 15 is a small sample it’s the amount of bidding and sale rate that has me optimistic about the next couple of weeks.
Over the next week and a half I’ll call auctions from entry level homes at Ipswich through to the hotly anticipated prestige sale of 579 Lower Bowen Terrace, New Farm. Last year the entry level market was hotter than a summer seatbelt, so its all eyes on the high end to see if the market has migrated north.
Over the last few weeks we have seen the newspapers swell with prestige homes hitting the real estate lift outs around the country marketing upcoming auction events. When you see a wave of high end homes hit the market, you can safely assume those owners have done their research and they feel comfortable there is a pool of waiting buyers.
In Brisbane specifically the $2 million plus market represents exceptional value when compared to our neighbours down the road in Sydney and Melbourne. This value and competition gives confidence to a market. These activities will give access to buyers to purchase these rarely available properties with the knowledge the market is currently in a solid position with other buyers supporting their decision to buy multi-million dollar property.
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