In round 41 of our 2022 Auction Season, we held our annual Auction Extravaganza event, where we experienced a strong clearance rate of 68%.
This is well above the national clearance average of 59.8% and is a significant number in this market. It goes to show that in Brisbane's prime markets, properties are still selling, there are still buyers who are taking a long-term view and are therefore not trying to ‘pick the bottom' of the market.
We are currently averaging three registered bidders per Auction, which is a noteworthy amount of people that are in a cash-unconditional position to purchase a home. It still appears that buyers are preferring the Auction process as the environment to buy a property and this is due to the transparency of the Auction method.
My general advice to buyers is that it is still in your best interest to get fully approved by your financial institution. This will give you more bargaining power and vendors will always favour cleaner terms.
Also, buy the property that is a great long-term decision for you. Don’t play the short-term market, if you buy the right home, history tells us that the investment will look after itself.
Lastly, don’t lose a deal by treating the transaction like a game. Pursue the home that you’re passionate about and your Place agent will help you achieve the best result for your circumstances. We’re committed to helping our sellers sell via Auction in all markets but understand that some buyers can get scared off the process. I would encourage you to think about the following points:
- The most motivated sellers go to Auction – and most would prefer to have an unconditional contract on the day.
- Last month we averaged three registered bidders per property – this time last year it was nine. Less competition equals a higher chance of securing the property.
- It is the most transparent way to buy. Forget back and forth negotiating and waiting for answers.
At Place, we have many people present on the day ready to guide you through the bidding process. We are committed to the Auction method in all markets, and we are 100% committed to helping you find your happy Place.
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