Auction numbers primed to rise despite softer clearance rates


first_imgAuction numbers are set to rise in 2017. Picture: Tara Croser.ONE analyst said despite last week’s softer auction clearance rate in Brisbane, the sale method will gain popularity this year.Corelogic’s most recent Auction Market Preview shows Brisbane had 102 Auctions scheduled for last week with 84 proceeding to an event.Of those offered under the hammer, 57.1 per cent sold compared to 63.0 per cent for the week before.Corelogic auction spokesman, Kevin Brogan, said the softer result is good compared to the city’s past performance.“The number of auctions this week at 117 is at the lower end of what might be considered normal but it’s a bit timely.“That’s quite a normal set of volume as we ramp up into the 2017 season, but last year you had a clearance rate sitting in the high 40 per cent to low 50 per cent – so when you say the clearance rate is maybe a bit lower, it actually sits within a certain per cent of what it was for last week – so it’s not a bad result for Brisbane at all.”More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor8 hours agoMr Brogan said Brisbane will continue to have lower auction numbers than Sydney and Melbourne.“There is an issue of, if I can call it, ‘cultural acceptance’.“In somewhere like Brisbane, and also in Adelaide, the properties that go to auction are those that are really where the agent identifies they’ve got a competitive edge in the market.”He said these are the more unusual listings that need be tested on the market.“So you tend not to see the sort of things that you might get in Melbourne, for example, where you get a regular sort of house going to auction.”Despite this, Mr Brogan said agents will continue to use auctions as an effective marketing tool.“Basically, listing a property for auction actually brings matters to a head because you’ve got the marketing campaign for an auction which is typically a fairly concentrated effort.“So an auction campaign in terms of marketing can be considered to be deemed to be successful even if the property hasn’t sold under the hammer, but rather prior or after.”last_img read more