Hammer time: ‘No better time to sell by auction’ with homes set to fetch at least $200k more

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Hannah Perry at the house she is taking to auction this Saturday in Red Hill. Image: AAP/John Gass.

THERE has never been a better time to sell at auction, with new data showing homes sold under the hammer in Brisbane can fetch at least $200,000 more than those sold privately.

The data from realestate.com.au reveals properties sold at auction deliver higher prices and spend less time on market than those sold via private sale.

It comes as agents say Brisbane homeowners thinking of selling should do so now, with low stock levels pushing sale prices up.

New data shows there has never been a better time to sell a home at auction. Photo: Chris Pavlich.

With spring selling season just around the corner, agents are crying out for more property listings to meet buyer demand, with the latest figures from SQM Research showing new listings in Brisbane were down 1.9 per cent in July.

The realestate.com.au research shows properties taken to auction in metropolitan Brisbane sell for $54,800 above the asking price, on average, compared to only $12,800 more through private sale.

Auction vs private sale. Average difference above asking price. Source: realestate.com.au.

This house at 62 Victoria St, Balmoral, sold under the hammer for $1.73m at the weekend.

The data also reveals properties that go to auction in Brisbane sell in less than half the time (33 days) of properties that are put on the market for private sale (83 days).

And the average sale price of a home sold at auction in metropolitan Brisbane is $229,000 more than one sold privately, with an auction sale of a house or townhouse fetching $832,038 on average compared to $602,778 achieved through a private sale.

This home at 25 Cramond St, Wilston, fetched $660,000 at auction at the weekend.

Realestate.com.au chief economist Nerida Conisbee said that in recent weeks, clearance rates had increased, interest rates had dropped, and buyers were back, signalling increased confidence in the auction market.

“There’s no better time to sell by auction,” Ms Conisbee said.

This three-bedroom house at 14 Bale St, Albion, sold under the hammer for $760,000.

“We’re in really unique conditions where listings are so far down that sellers would have the market to themselves.

“Buyers are back in a big way, creating increased competition, and we know that properties that go to auction return better results for sellers, and on average are sold in half the time of those listed for private sale.”

REA chief economist Nerida Conisbee.

Ms Conisbee said that the data showed that sellers who took their homes to auction consistently achieved higher sale prices than those who listed by private sale.

“We know the buyers are back and the market is changing rapidly, so sellers should get in now to name their price while stock levels remain low,” she said.

This cottage at 18 Woolcock St, Red Hill, sold at auction at the weekend for $864,000.

Brisbane couple Hannah and Anthony Perry are taking their renovated, two-bedroom cottage in Red Hill to auction at 10am today.

Mrs Perry said they decided to sell the property at 17 Ella Street via auction on advice from their real estate agent.

“Because of the location, they figured there would be quite a bit of interest and it was the cleanest way to get a good result,” Mrs Perry said.

“From what we’ve been told, it seems to be a good time for auctioning.

“And having seen the amount of interest in the property, the pure logistics of trying to negotiate out of auction with that many interested parties would be pretty much impossible.”

This house at 17 Ella St, Red Hill, goes to auction on Saturday, August 24, at 10am.

Judi O’Dea of Ray White Paddington, who is marketing the property at 17 Ella Street, sold a similar house in the same suburb last weekend for $864,000 under the hammer.

The auction of the cute, three-bedroom cottage at 18 Woolcock Street attracted 12 registered bidders.

Ms O’Dea said there were at least 80 people in the living room on the day, and the winning buyers would move from nearby Petrie Terrace.

“They are over the moon with their new home. The seller has done an incredible renovation,” Ms O’Dea said.

“Confidence is heating up.”

Data from SQM Research reveals property listings in the Brisbane suburbs of Heathwood, Albany Creek and Rochedale have tightened significantly over the past month, meaning increased competition for stock in these areas and good opportunities for sellers to achieve higher sale prices.

TOP FIVE BRISBANE SUBURBS WITH BIGGEST DROP IN NEW LISTINGS

Postcode Suburb

4110 Heathwood

4035 Albany Creek

4123 Rochedale

4209 Coomera

4506 Morayfield

(Source: SQM Research, based on the past 30 days)

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