Buyer numbers at auctions in Brisbane and Sydney increasing

December, 2017

As the end of the year approaches, everyone is getting their Christmas shopping lists in order – and for many buyers, this seems to include a new property.

This trend bodes well for auction campaigns, which can significantly reduce the days on market it takes to sell a property, as it creates concrete deadlines for buyers and sellers. “We’re noticing that buyer numbers are increasing at both onsite and in-room auctions as it gets closer to Christmas and it’s evident most buyers want to secure a property before the holiday season,” said David Bennett, Chief Auctioneer, Raine & Horne in Brisbane.

Last week in Queensland, Raine & Horne Cleveland conducted in-room property auctions at the Pacific Resort Cleveland, with eight properties up for grabs. The auction event, led by David, attracted 45 bidders and interested parties, with local owners and buyers were impressed with the outcomes. David noted, “Over the past three weeks we’ve seen the sale clearance rate stay above 45% and post-auction sales increase to around 70% within days of the auction. These results suggest the demand for Brisbane property remains strong.

In Sydney, recent results at Raine & Horne Marrickville were similarly positive, with an in-room auction campaign resulting in multiple bidders for most properties and another large crowd on site testing the market. This successful auction campaign saw 10 out of 12 properties sold on the night or within a week of the auction, and is a significant indicator that there is plenty of life still in the Sydney property market, noted Angus Raine, Executive Chairman, Raine & Horne.