The first weekend of winter did not bring a cooling to the auction market as some may have predicted, but in fact produced one of the highest clearance rates of 2024.
Ray White reported a preliminary clearance rate of 79 per cent nationally, and an auction volume of 408.
There were an average of 4.2 registered bidders per auction, which is exactly on par with the same week in 2023.
Adelaide was the standout, reporting a 100 per cent clearance rate today of 14 auctions, followed by Sydney coming in at 87 per cent clearance of 29 auctions.
Both anecdotally and in the data, agents remarked that prices on auction day were above and beyond the highest offers received prior. Overall, sellers achieved 12 per cent more on auction day.
Ray White Queensland chief auctioneer Gavin Croft said he continued to be astounded by the heat of the Brisbane auction market, and that sellers were being heavily rewarded when coming to market.
“Ray White in Brisbane recorded an extraordinary auction clearance over the last week of 95 per cent with an average of 8.1 registered bidders,” he said.
“These are unprecedented numbers and provide an enormous level of confidence for potential sellers looking to come to the market.
“The cooler weather looks like it is here to stay, but we anticipate the auction market to remain hot over the next couple of months in Queensland,” he said.
Average South Brisbane Sales Prices May 2024
1 bed apartment $460,000 (Low $215,000 High $615,000)
2 bed apartment $710,000 (Low $545,000 High $1,130,000)
3 bed apartment $1,531,000 (Only $1,911,000)
House $1,910,000
South Brisbane Apartment Data – REA 4/6/2024
South Brisbane House Data – REA 4/6/2024
Capital City Unit Price Growth – RW 30/5/2024
