Exclusive new data reveals best Brisbane suburbs to sell a house at auction

Some of Brisbane’s blue-chip suburbs may get the highest prices but are not necessarily the best place to sell a house at auction. SEARCH THE INTERACTIVE

Some of Greater Brisbane’s most overlooked suburbs are now the most successful areas to sell a house under the hammer, exclusive new data has revealed.

Once shunned areas such as Lutwyche, Wishart, Zillmere and Algester are now brimming with auction success after returning clearance rates in the 90 per cent range in 2021, according to a Core Logic report.

Not faring as well were blue-chip areas Ascot, Hamilton and St Lucia. They all failed to make the top 100 most successful suburbs to sell at auction in Greater Brisbane.

The CoreLogic 2021 report revealed there were 176 suburbs where at least 10 house auctions were held, including Zillmere, Griffin and Margate. Neither the suburbs rated a mention in the previous two years.

Overall, there were 7138 house auctions, more than double the previous year (3544), and significantly greater than 2019 when there were 4524 auctions across 126 suburbs.

Lutwyche was the best suburb for clearance rates for auctions in Greater Brisbane in 2021, according to Core Logic data. Picture: Richard Gosling

“This will go down as a year for the records books, said Ray White Qld CEO and auctioneer Jason Andrew.

“We are an auction market now and there’s no turning back.

“Where once auctions were the exception to the rule, it’s now almost the preferred vehicle for sale.”

Lutwyche was the standout performer with a clearance rate of 94.7 per cent, just eclipsing Wishart (94.5 per cent) from a total of 20 and 91 auctions, respectively.

Then followed Sinnamon Park (93.8), Stafford Heights (93.2), Zillmere (91.7), Carina Heights (91.4), Algester (91.3).

Ray White Qld CEO and auctioneer Jason Andrew says auctions are now the preferred form of selling for vendors. Picture: Annette Dew

These suburbs were prime for the picking after Brisbane’s inner-ring market overheated and buyers searched slightly further out from the CBD for more affordable options, says CoreLogic’s head of research Tim Lawless.

“Some of these suburbs were once ugly ducklings but now they are swans,” he said.

“These are your classic, in many cases, middle-ring suburbs, that have potentially been overlooked or undervalued for quite some time … and they offer relatively affordable housing options.”

It all points to the Brisbane property market’s coming of age, Mr Lawless said.

CoreLogic’s head of research Tim Lawless says auction results have turned some suburbs from ugly ducklings to swans during 2021. Picture: Supplied

Whereas it was Melbourne and Sydney vendors and buyers who never think twice about auctions, now Brisbane homeowners are embracing the concept Mr Lawless said.

“We are seeing a changing of the guard and vendors may opt for auctions in the future because of the recent history of success,” he said.

Along with more than double the number of auctions year-on-year, there has been a distinct increase in clearance rates across Greater Brisbane over the past three years.

From a 40.1 per cent clearance rate in 2019 and 46.3 per cent in 2020, it was a whopping 74.9 per cent in 2021.

No longer are auctions the domain of blue-chip areas, unique houses or demolition jobs, said leading auctioneer Justin Nickerson.

“It speaks volumes about how mainstream auctions have become in Brisbane,” Mr Nickerson said.

Auctioneer Justin Nickerson says the results speaks volumes for the popularity of auctions in Greater Brisbane. Picture: Richard Gosling

“Auctions have gone from only being conducted if you had a property that had some issues or if it was an exclusive property, but for many agents or vendors, it’s their first option now and not their last.”

The data is representative of all listing across Greater Brisbane but for Queensland’s leading real estate agents Ray White, auctions made up about 50 per cent of their stock for 2021, Mr Andrew said.

There were “no surprises” in the stand out suburbs although he believed Wishart was arguably the best performer given its strong clearance rate across more than 90 auctions.

Camp Hill, with 144 sales, had the most auctions followed by Sunnybank Hills with 142.

“People found great value in the middle ring area which would be about 10km from the CBD and they are certainly the suburbs that have been overlooked for a long period of time,” Mr Andrew said.

Auctioneer Jason Andrew says there were at last 20 registered bidders at houses he auctioned in Zillmere in 2021. The suburb was the fifth must successful area for house auctions last year. Picture: Supplied

“I remember calling three auctions in Zillmere last year with each having 20 registered bidders and it showed how strong the market was.”

The Omicron COVID-19 variant sweeping through the state and the upcoming federal election may dampen auction listings for the first quarter, although it will still be a strong year for under the hammer sales, he said.

“I think Omicron will temper the market a little bit as will the federal election, but I see Queensland performing exceptionally well for the rest of the year,” he said.