The latest CoreLogic Quarterly Auction Review has been released, revealing which Brisbane suburbs have the best clearance rate.
After the December 2021 quarter saw record high auction volumes (42,918), it was no surprise that 2022 saw Auction volumes pick up earlier than usual after the seasonal slowdown. There were 23,748 homes taken to Auction across the combined capital cities over the March 2022 quarter, making it the busiest March quarter on record (records commenced mid-2008).
In Brisbane, there were 1,004 homes taken to auction over the March 2021 quarter and 1,916 over the March 2022 quarter, highlighting the overall increase in using Auction as a method of sale.
Peter Burgin, Place Chief Auctioneer says that the real winner is the Brisbane market in general. “It makes me so excited to think how far Brisbane has come in terms of the acceptance of Auctions as a method of Sale. The market has come to terms with how effective they [an auction] is in achieving the best outcome for everyone. If you look at the increase in the percentage of listings that are auctions, it is an outstanding change.”
When it came to the highest number of Auctions, West End topped the Chart with 40 in the quarter.
Looking at clearance rates, Moorooka had the highest at 85% from 20 Auctions.
|Suburb||Clearance Rate||Total Auctions|
|Mount Gravatt East||65.5%||29|
|Eight Mile Plains||68%||25|
Source: CoreLogic Quarterly Auction Review
Peter Burgin says that it’s no surprise to see suburbs where Place have dominant market share included in the top performing Auction suburbs. “We’ve been ambassadors of the Auction method since we opened our doors 20 years ago, which has given us the opportunity to refine the craft, which is reflected in our auction volume, consistently high clearance rate and average number of registered bidders. With demand for Auctions increasing, other agencies are playing catch up.”
Article by Daisy Hicks