Ninety-five properties are registered to go under the hammer on this first weekend of spring, amid reports of record numbers at open homes and a renewed confidence in Brisbane’s housing market off the back of positive growth.
Brisbane’s auction clearance rate skyrocketed last week, jumping almost 20 per cent above average.
More than seven properties achieved more than $1 million under the hammer, with particular success for family homes in tightly-held suburbs.
Tyson Clarke of Queensland Sotheby’s Brisbane said more than 70 per cent of his contracts right now were cash deals.
“To give you some context, my average sale price is $3.21 million,” he said. “So the fact these sorts of sales are being made with cash, to me that’s an indication of where the market is at at the moment.
“What I’m noticing is a real change in confidence in the Brisbane market. People are putting their money into Brisbane, they’re confident making those purchases and that’s reflected in the prices that people are getting for their homes.”
With recent data showing Brisbane to be one of the best-performing capital cities in the country, Mr Clarke said buyers appreciated Brisbane’s slow and steady growth.
“We don’t want the boom and bust here like Sydney. Brisbane’s growth is reliable, it’s steady and that’s what is giving people confidence when buying property here at the moment,” he said.
The peak selling season is off to a flying start for Nicholas Given and Matt Lancashire of Ray White New Farm, who managed to close a deal on a landmark riverfront development opportunity in New Farm this week.
The 941-square-metre block at Maxwell Street had expectations of setting a record for the suburb but the sale remains shrouded in secrecy, with Mr Given unable to disclose any details.
“What I can tell you is that we had a lot of interest both locally and nationally, and sold the property in just under four weeks with an expression of interest campaign,” he said.
Mr Given said there were more cash buyers in the Brisbane housing market than ever before.
“It’s going to be a busy spring selling season but what I would tell buyers is: have your finance or your cash ready to go,” he said.
“I’m seeing a lot of buyers getting gazumped on houses they love because they’re not ready to go unconditional.
“If you want to be in a house by Christmas, buyers need to lock something down in the next 60 or 70 days, so they need to be ready to go.”
Henry Hodge of McGrath New Farm reported 150-plus groups through open homes for properties at New Farm and Teneriffe and said he expected the spring selling season to be busy.
“I think in Brisbane, where there’s steady growth, people can move forward with confidence that they’re not spending too much on a property,” he said.
“We’ve got a healthy market, the buyer numbers are really strong and there’s a lot more property to hit the market yet. Buyers need to be ready.”
Mr Hodge recently listed an historic, circa 1895 residence at 44 Moreton Street, New Farm, which has been transformed into a commanding six-bedroom family home.
With heritage restoration work completed by Chapman Builder, the solid masonry and brick construction is one of only four similarly distinctive homes in the area, which are rarely available to purchase, Mr Hodge said.
The house will go to auction on Sunday, September 16, at 1pm.