Queensland’s post-election auction rebound with clearance rates up by 20 per cent
Real interesting change in the pre and post-election market with renewed urgency right across south-east Queensland, says Ray White's Gavin Croft.
QUEENSLAND has seen a post-election rebound in homes going under the hammer, auction rates show.
Pre-election clearance rates had slumped to just 51 per cent with the number of registered bidders sitting at 3.7.
The corresponding numbers for last weekend – following the Reserve Bank’s .025 per cent cut in the cash rate – shot up to surpass 70 per cent for clearance rate with the number of registered bidders coming in at 5.1.
Across the country, preliminary clearance rate stood at 71.7 per cent.
Ray White Queensland chief auctioneer Gavin Croft said buyer activity at auctions had witnessed a noticeable increase.
“There’s been a really interesting change in the pre and post-election market right across south east Queensland,” Mr Croft said.
“We’re seeing increased energy and urgency starting to emerge on auction floors across the state.
“Pre-election clearance rates came in at 51 per cent with an average registered bidders of 3.7, post-election clearance rates have surpassed 70 per cent with an average registered bidders of 5.1 registered bidders.”
A Ray White spokesman said the preliminary clearance rate of 71.7 per cent across the country was a clear marker that the RBA rate cut had put some momentum back into the property market.
“Agents reported a sense of increased urgency from buyers at auctions this weekend, which is echoed by high bidder numbers, sitting at an average of 4.4 registered bidders and 3.7 active bidders per auction nationally,” the spokesman said.
The agency held 7,233 open homes across the country today, attracting 27,068 viewers – including one property that had 73 attendees.
Victoria was once again leading the way with auction clearance rates above the 85 per cent mark.
Ray White Victoria chief auctioneer Jeremy Tyrrell said: “Whilst it may be too early to feel the effects of the latest interest rate cut, the clearance rate this week indicates otherwise, with 85.5 percent of auction properties selling, a significant increase from last week’s clearance rate of 70.7 percent.
“More importantly, the average active bidder count across all auctions has jumped up to a year high of 3.3, a statistic to keep a close eye on.”
