Sellers Paradise: Brisbane Overtakes Melbourne in the Auction Stakes
Its a Sellers’ Paradise in Queensland
2022 is off to a booming start for real estate in Queensland, with the latest figures from CoreLogic showing auction activity is peaking earlier than usual – and Brisbane property is almost at the top of the game. According to the latest data, in the week to January 24 there were 448 homes taken to auction across the capital cities – up from 244 at the same time in 2021.
There have been 310 auction results collected to date in 2022, with 67 of those in Brisbane, 100 in Melbourne, and 60 of those results based in Sydney. Based on these 310 auctions, the preliminary auction clearance rate Australia-wide is 68.6%. Brisbane was in the top three (with Adelaide and Canberra), with clearance rates at 76.1%, compared to Melbourne’s 64.0% and Sydney’s 58.3% clearance rate. And while it’s early days yet, many real estate professionals are taking the good start to the year as a sign of more positive things to come.
Brisbane property and 2022
There’s no doubt that 2021 was a successful year for the residential real estate market in South East Queensland – with Brisbane, Sunshine Coast and Gold Coast property prices soaring. Brisbane alone saw a 25.1% increase in property prices, Gold Coast property prices increased 30%, while Sunshine Coast saw a 32% increase in median house prices. It’s only natural to assume that this positivity will continue.
Local demand has certainly remained strong, and this has been supported by many families moving from interstate.
According to a white paper published by REA Group on regional Australia’s housing and population, more than 30,000 people migrated to Queensland in the 12 months to June 2021. That was 90% of the total migration recorded across Australia whole. And that figure doesn’t even take into account the number of people who moved here once interstate borders re-opened in December 2021.
There’s no doubt this interstate migration is set to continue as we move further into 2022. Auction rates aren’t expected to dip any time soon, and in fact, the stats from CoreLogic are just a teaser for the year we predict for the local property market. And given the increased demand, we also expect property prices will continue to rise in the interim, before balancing out as we move through the year.
If you’re considering selling your property, there’s never been a better time. Get in while the market is hot, and you can almost guarantee you’ll get a great price and fast sale.
Don’t miss the Brisbane property boom!
Get in touch with the Image Realty team today