Vendors ready to go as auction season ramps up

A spike in new listings of homes for sale has signalled the start of a series of bumper spring auction events on the Gold Coast.
PropTrack data shows new listings picked up by 6.7 per cent across regional Qld in the month leading up to the traditionally busy season, as the city’s real estate industry pulls out all the stops to counter 2022’s cooling market.
Surfers Paradise has emerged among Qld’s top auction suburbs, with 36 homes scheduled to go under the hammer over the first six weeks of spring, latest figures show.
That puts the Glitter Strip suburb just behind Buderim on the Sunshine Coast, where 44 auctions were scheduled.
Southport, Paradise Point, Mermaid Waters and Runaway Bay were other local auction hotspots, while Pacific Pines claimed the state’s biggest increase, with six times more auctions than in the same period last year.
Parkwood, Tallebudgera, Runaway Bay and Coomera also saw a boost in September.
Glitter Strip listings are ramping up
PropTrack economist Cameron Kusher said spring buyers would enjoy greater choice, with demand down from its high of early this year.
“We’re also seeing properties taking longer to sell,” Mr Kusher said.
“Vendors who are willing to set attractive prices and meet the market are still successfully selling, but buyers have less urgency and are more discerning when purchasing than they have been over recent years.”
Mr Kusher said more affordable areas of the Coast could see a further lift in auction activity, as buyers contended with reduced lending capacity after the Reserve Bank of Australia hiked interest rates for the fifth consecutive month.
PropTrack director of economic research Cameron Kusher
Auctioneer Justin Nickerson, of Apollo Auctions, said his group’s clearance rate across southeast Qld last weekend spiked to 73 per cent, after sitting between 50 to 60 per cent for the last six weeks.
“That is still a very healthy clearance rate,” Mr Nickerson said.
“It feels a lot worse that what it is, coming off the frenzy of last year, which was just an incredible year where clearance rates sat at around 80 per cent for the entirety of the year, and in fact at 90 per cent for most of it.
“The market has found normality and where we are at the moment is sustainable,” he said.
Vendors in Mermaid Waters are ready to list
Landmark timeshare resort sold for $45 million
The price you have to pay to live on Qld’s most expensive streets
Tidy profit from golf pro’s mansion

Buyers agent Oliver Dunstan, of Rose and Jones, said vendors were now more willing to negotiate to have their property sold under auction conditions.
“If you don’t get caught up in the fanfare, auctions are a good way to buy when you have a genuine seller who is ready to let their property go at auction,” Mr Dunstan said.
Mick Doohan’s Coomera estate joined the line-up
Upcoming auction highlights include motorcycle world champion Mick Doohan’s luxury compound, where Hollywood star Johnny Depp and his ex-wife Amber Heard allegedly came to blows in 2015.
The 18ha property on the Coomera River is marketed by Amir Mian, of Amir Prestige, and will go under the hammer along with more than 40 other homes at the agency’s Grand Spring Auctions on Wednesday.
Mr Mian said he had been “mind boggled” by the increase in activity through September.
“Spring always brings people out and we are seeing more genuine buyers now,” he said.
“People want to settle before Christmas so they want to buy now.
“An auction campaign puts your house on display and gives people a deadline. It forces sellers to make a decision and it forces buyers to make a decision,” Mr Mian said.
Pacific Pines had the biggest year-on-year lift in auction numbers
Ray White Surfers Paradise (RWSP) has 53 properties going to auction in September, and hosts its Spring Carnival event at the Gold Coast Turf Club on Thursday.
RWSP chair Andrew Bell said auctions remained the group’s most successful method of sale, with this month’s clearance rate trending at 87 per cent.
“This is showing a significantly higher success rate over 30 days than private treaty sales. As usual there has been a significant number of properties selling prior to auction day as offers are made pre-auction by buyers at levels that sellers are very happy with,” Mr Bell said.

The post Vendors ready to go as auction season ramps up appeared first on

Don’t Stop Here

More To Explore