ON Wednesday night I called our Biannual ‘Under the Stars’ auctions. I always get excited for these big events.
The weather, as it usually is, was perfect and more than 300 people, a mixture of buyers, sellers and locals turned up to take their read on the Brisbane market.
Heading out to centre stage to call 28 auctions is a thrilling feeling. But I also carry a certain amount curiosity in my back pocket.
I’m as keen as anyone to see what unfolds during the auctions. The property market can be highly unpredictable, due largely to the emotional attachment people have to their current or future homes.
As an auctioneer I have a game plan for how the night should run, but as one of the great auctioneers Phil Parker used to tell me “The best thing to expect is the unexpected”.
Wednesday certainly dished up some unexpected results. The big news out of the night was that half of the properties that sold were units.
Given the previous period of uncertainty in the apartment market it was great to see buyers back out fighting in this segment of the market.
Now to represent that the unit market is back, would be entirely misleading and a gross misread of the events.
What we saw was the green shoots of a market in recovery. Units in the inner city currently represent awesome value and it looks like buyers have realised that those prices won’t last forever.
Brisbane has a very healthy outlook with the Queens Wharf infrastructure supporting employment until completion and then the Casino and hospitality precinct providing even more jobs thereafter. And where will those people live? Likely, for the most part, in apartments within the ring of the city.
The rest of the night saw house sales from $620,000 up to above $3 million. With nearly $15 million worth of sales concluded by the end of the auctions.
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