Brisbane market not booming: Jason Andrew

While buyer activity has seen to be increasing in South East Queensland, clearance rates have flatlined, according to Jason Andrew Auctioneers.

Director Jason Andrew said that an increase in available stock, and high expectations for prices from vendors, have resulted in a stagnant clearance rate.

“The average number of bidder registrations has risen from 1.73 year to date (YTD) to 2.24 in spring, and crowd sized are also almost 20% larger,” Andrew said. "But at the same time, seller willingness to shift their original reserve price in order to achieve a sale under the hammer has fallen from 4.16% YTD to 2.94% in September," he said.

This resulted in a 50% clearance rate overall for South East Queensland.

The inner city market of Brisbane is the exception to this, where the clearance rate averaged out far higher over September, at 70%. 

“All of this data is evidence that while buyers are certainly more active, they remain on the whole clearly unwilling to pay a premium at this point," Andrew said. 

“Sellers who are believing the hype that price are already on their way up and who are clinging to prices above current market value will not achieve a sale in this environment.” 

He said that they are currently far behind what is being experienced in Melbourne and Sydney. “The Brisbane market is not booming, nor are there any signs pointing in that direction at this point.”