Spring Auction Market Heats Up

Recent results have shown that the Spring selling market got off to a slower than usual start this year however this weekend’s auction results show that buyer activity is steadily returning to the property market.

Since the start of the Spring selling season, Harcourts’ auction results have been solid and the auction system seems to be an efficient way to bring buyers and sellers together, and to achieve results within a good time frame.

Auction clearance rates were up in several Australian capital cities last weekend, including Brisbane where 30.4 per cent of properties cleared compared to just 16.1 per cent the week before*.

Aaron Brooks, Chief Executive Officer of Harcourts Queensland, is confident that these results are a sign that the market is trending upwards.

“I believe that these results are healthy and show that underlying demand for property is good. I’m confident that these figures will continue to increase over the next few weeks and months, and as we enter into the holiday season, more and more people will be buying and selling at auction,” said Mr Brooks.

“Given Queensland’s strong mining sector combined with a healthy infrastructure, Spring and Summer really are peak times for our property market as an increased number of people are attracted to our great state. I’m looking forward to seeing what the remainder of 2010 holds,” he continued.

*Figures sourced from Real Estate Business Online http://www.rebonline.com.au/breaking-news/3423-auctions-continue-strong-run