In 2022, Place held 1,208 Auctions and of those, 87% sold within 45 days.
Auctions continued to hold strong in the Brisbane Market in 2022, after a record year of Auction that the Brisbane property market experience in 2021. But will the Auction process remain relevant in 2023? Place Chief Auctioneer & Head of Performance, Peter Burgin shares his insights.
"The 2022 Auction market was very strong and was the most effective method of sale that we experienced at Place. Over the past few months, there has been some uncertainty about what Auctions will look like in 2023 due to gradually increasing interest rates and consequent shift in consumer sentiment.
Whilst I do not have a crystal ball into the 2023 market, I can say with confidence that Auctions will always be our preferred method of sale at Place. The urgency of an Auction campaign means that your home will be better connected to genuine buyers, which overall, means that you have more control over the result of your home."
What have you experienced on the ground at Auctions thus far in 2023?
"We always experience a slower start with Auctions in January, which is to be expected after the holiday period. Our clearance rates for January were 75%, and we have seen an increase in the number of bidders registering at Auctions, with an average of 4.5 registered bidders per Auction in January."
"We've also had some exceptional Auctions over the past few weeks, including an outstanding result achieved at 105 Towers Street, Ascot.
"Drew Davies and Jonathan Tesese of Place Ascot sold the two-bedroom character home on a 506sqm block for $2,150,000. The Auction was competitive, with over 50 buyer groups and seven registered bidders.
This is just one of the many incredible Auctions that we will experience in 2023 and we're eager to see likewise results throughout the year."
What is your advice for buyers in 2023?
"I think buyers are feeling more sure-footed in the market. There has now been a general acceptance of the potential of interest rates going up across the course of 2023. Based on this common prediction, many buyers now feel that it’s a good time to get into the market.
"I urge buyers to be vigilant about where they source their information about what's happening in their local market. The best source of truth will always be getting out and amongst it by attending Auctions and open homes and by speaking to your local Place agent."
Why sell at Auction in 2023?
"In the current market, extended time on the market is the enemy of value. An Auction campaign enables you as a seller to have more control over the sale of your most important asset and ultimately, the sale price.
The ability an Auction has to create an electric environment and generate interest and the unconditional nature of the sale, is simply unrivalled when compared to selling via private treaty. At Place, your agent is a part of your life during the Auction process and they are there to assist you to achieve the optimal result for your home."
So, is the Auction process still relevant in 2023?
"In 2023, Auctions are still Brisbane's most preferred method of sale to ensure that you achieve the best result possible for your home, and it's more important than ever to have Brisbane’s most experienced Auction team guiding you through the process."
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