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Network’s auction event highlights Brisbane’s burgeoning popularity

By Sebastian Holloman
24 April 2024 | 11 minute read
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Place Estate Agent’s ongoing auction event, The Day, has evinced the consistent growing demand for Brisbane real estate.

Coordinating a group of property listings to go live simultaneously, Place’s “The Day” campaign sees all the properties scheduled for auction over a short period of time. The firm held two such events in 2023, and kicked off 2024 with its “One Summer Day“ effort that pushed 80 properties out into the market in the normally quiet period of January.

In its recent iteration, Place chief auctioneer Peter Burgin revealed that with in-room and onsite auctions still unfolding through 27 August, the agency has so far recorded a clearance rate of 74 per cent across the 66 auctions.

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Burgin highlighted the “strong buyer engagement across all price brackets” in reporting an average of over six bidders being present per auction.

“Notably, properties up to $1.5 million attract nine bidders, while those between $1.5 million and $3 million, and above $3 million, draw five and two bidders respectively,” Burgin said.

Place managing director, Paul Curtain, forecasted the campaign drives a competitive environment for both sellers and buyers alike, stating that their initial projections have not only been met but are very likely to be surpassed.

“Our initial projections were in line with expectations, forecasting a clearance rate of 70 per cent. However, ongoing negotiations hint at a potential uptick, possibly reaching an 85 per cent clearance rate by Friday,” Curtain said.

Research conducted by Place Advisory showcased robust growth in the Brisbane market within the first quarter of 2024, with the median house price in the Brisbane local government area increasing 4.7 per cent in the year to date.

Curtain was emphatic that this growth highlights the Brisbane market’s robustness and resilience, a notion supported by the median price within the Brisbane LGA rising from $1,060,000 in 2023 to $1,110,000 in the last three months.

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