Brisbane auctions off to a sizzling start for 2024
HUNDREDS of buyers, sellers and spectators packed out in-room and on-site auctions as part of Place Estate Agent’s One Summer Day auction event week.
HUNDREDS of buyers, sellers and spectators packed out in-room and on-site auctions as part of Place Estate Agent’s One Summer Day auction event week.
Auctioneer’s Peter Burgin, Paul Curtain, Sam Kelso and Mark Frater were kept on their toes throughout the week as buyers went hard on their opportunity to purchase their slice of Brisbane real estate.
Following the conclusion of the in-rooms last Wednesday at Place HQ in Fortitude Valley, 30 properties had already sold at the event’s half way mark, amounting to nearly $40m in sales
Among the notable sales was 125 Indus Street, Camp Hill for $1.575m with 20 registered bidders, listed by Dion Tolley from Place Bulimba.
As part of the One Summer Day event half of the 80 properties were scheduled on Wednesday the 31st of January and the remainder through to Sunday the 4th of February.
Managing director of Place Estate Agents, Paul Curtain said the One Summer Day event challenges traditional conventions where sellers would wait until late January to early February before bringing their property to the market.
“The result from the one Summer Day event shows market performance equal or better to many months last year. The Christmas to New Year period is a really high search period for buyers,” Mr Curtain said.
“We really wanted to give buyers that stock a. When you look at the open home numbers, attendance at the in-room and on-site auctions, it shows the success of this event. We exceeded expectations for our sellers based on our plan.
“We’re heading into a year where there is greater pressure on rents, lack of overall supply and quality supply and a feeling that the second half of the year, that inflation is getting under control and there may be a reduction in interest rates. The fear has certainly shifted to a fear of missing out.
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Mr Curtain said the 2024 marketplace is a great time for buyers to capitalise.
“What an event like One Summer Day proves is buyers like simplicity and transparency. They like the timeline of an auction, it demonstrates the sellers motivation to sell and represent transparency for the buyer,” he said.
“Over the last five years Brisbane has experienced a paradigm shift towards auctions as Brisbane cements itself as a world class city. I will say, not all properties need to go to auction, but year on year as Brisbane grows you’ll see there will be a direct parallel in the way that auctions are used by our sellers.
“The event isn’t a one off for us, we will do four of these major events along with seven additional days to give our sellers targeted times to work towards as we know that demand is there. Our advice to sellers would be to engage in a process where they are confident they’re going to get the best result and our advice to buyers would be to buy now, don’t wait. What looks expensive today will look inexpensive in the years to come.”
Chief auctioneer of Place Estate Agents, Peter Burgin said the results from the One Summer Day event demonstrates confidence in the market from buyers.
“We are seeing confidence in the market from buyers, which is defying concerns around interest rates and other economic factors. There’s a genuine belief in the short, medium and long term value of Brisbane real estate,” Mr Burgin said.
“The response (to One Summer Day) has been over whelming and we are thrilled with the outcomes for buyers and sellers.
“(We had) 80 properties to the market, 75 per cent are either sold unconditionally or under contract. Over the next 7 days, we expect this number to climb to 85% of properties sold, with some still under negotiation.”
The average amount of registered bidders for properties up to $1.5m average around 12 bidders per property, properties between $1.5m and $3m saw an average of 7 bidders and properties north of $3m saw an average of 4 bidders per auction.
Highlights:
14 Hawkwood Street, Mount Gravatt East – $1,411,000
4 Olive Grove, Balmoral – $1,500,000
33 Frank Street, Norman Park – $1,570,000
23 Walter Street, Murarrie – $950,000
7 / 11 Stephens Street, Morningside – $740,000
74 Burn Street, Camp Hill – $1,385,000
1/36 Miles Street, Hawthorne – $600,000
135 Erica Street, Cannon Hill – $1,530,000
125 Indus Street, Camp Hill for $1,575,000
56 Thynne Road, Morningside – $950,000
21 Delsie Street, Cannon Hill – $1,850,000
31/35 Smith Place, Cannon Hill – $1,250,000
95 Shrapnel Road, Cannon Hill – $1,600,000
56 Lockyer Street, Camp Hill – $2,010,000
208/19 Isedale St, Wooloowin – $580,000
2 / 20 Coventry Street, Hawthorne – $1,100,000
5 / 48 Stuart Street, Bulimba – $1,220,000
6/24 Rogoona Street, Morningside – $885,000
128 Edwards Street, Raceview – $590,000
8 Bancroft Street Kelvin Grove – $1,100,000
111 Nelson Street Corinda – $1,595,000
40 Prior Street, Tarragindi – $1,325,000
67 Rosebery Terrace, Chelmer – $2,520,000
60 Cracknell Road, Annerley – $1,580,000
5/19 Oxlade Drice, New Farm – $940,000
1/24 Whytecliffe Street, Albion – $752,000
210/1 Ella Street, Newstead – $680,000
27 Tamarix Street, Camp Hill – $1,436,000
16 Laurier Street, Annerley – $1,610,000
2/24 Maud Street, Newstead – $1,375,000
Originally published as Brisbane auctions off to a sizzling start for 2024