Brisbane’s auction market held steady over the weekend after the federal budget was announced, with the majority of active campaigns retaining between three to six registered bidders.
Ray White Collective CEO and auctioneer Haesley Cush said the federal budget did not have a large impact on Brisbane’s market over the weekend, particularly in the middle and prestige sectors.
“Investors haven’t really been at play and now they certainly won’t be,” he said. “[But] the general sentiment from the market is that the budget, specifically to deter investors, won’t do anything for Queensland prices.
“The thing that will bring investors back in will be the increase in rents off the back of limited supply; which isn’t good news for tenants.”
Queensland’s auction market held firm after the federal budget announcement, with a weekend auction event selling $14.2 million on the day.
Ray White Collective sold more than $14m in property on Saturday, at their monthly in-room auction event.
Around 50 registered bidders were present at the Calile Hotel in Fortitude Valley as eight properties sold under the hammer, with the highest sale a block of land at $3.475m.
Including properties sold prior to auction, this amounted to $23.563m worth of property sold across the entire event.
101 Barton Rd, Hawthorne: a huge 1,514 block of land that sold at auction on the weekend.
The property was the largest sale at the Ray White Collective auction event, going under the hammer for $3.475m.
The highest sale of the day was for 101 Barton Rd, Hawthorne: a 1,514 sqm holding that could be easily divided into two separate blocks of land.
The home is the largest plot of vacant land in the suburb, and was advertised with conceptual renders to show the build potential in the area.
Meanwhile, the highest home sale of the day was also the highest home sale nationally: 186 Park Rd, Yeerongpilly, which sold for $2.555m.
The biggest home sale of the day across the nation was the $2.555m sale of 186 Park Rd, Yeerongpilly.
The four-bedroom, two-bathroom home saw a major renovation in 2009, and offered dual-living amenities across a large block of 1,277 sqm.
“We went in today with the same question marks that everyone else had; the market ended up performing logically,” Mr Cush said.
“There is more demand for property than there is available property. While interest rates have risen, we have seen a stabilisation in prices but still in line with strong interest.”
41 Lanchester St, Stafford Heights, set a suburb record for a three-bedroom home when it sold for $1.875m at auction.
Elsewhere, the house at 41 Landchester St, Stafford Heights, set a new record sale price for a three-bedroom home in the suburb, selling for $1.875m.
Lead agent Holly Bowden said the property was bought by a couple with no children, one of many owner-occupier families moving into the area.
“I’ve sold four properties this week; there are still plenty of buyers out there,” she said. “Slightly softer numbers whilst people are getting their heads around what their budget means. In my marketplace in the inner north, we see a lot of owner occupiers, so we are lucky not to have been hit hard at this point.”
A render of possible homes at 101 Barton Rd, Hawthorne. Nationally, attendance and clearance rates fell year-on-year following the budget announcement.
Nationally, attendance at this time of the year fell from 3.4 attendees per property to 2.1, with the preliminary clearance rate falling from 65.6 per cent to 56.2 per cent.
Meanwhile, auction volumes increased year-on-year, from 574 to 666.
Ray White chief economist Nerida Conisbee said this suggested buyers were “becoming more cautious, particularly at the inspection stage”.
“The next few weeks will be important in determining whether this is a short-term pause after a major policy announcement, or the beginning of a more sustained adjustment in demand.”
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