Whilst it is not considered as an auction-led city, Brisbane has shown notable auctions activity growth in recent years, especially in sought-after suburbs like Kenmore.
The latest Domain report analysed the number of auctions data in each suburb, as well as the number of properties sold by auction and its correlating clearance rate, over the 12-month period to August 2019.
The study revealed that Kenmore and WIshart are the top Brisbane suburbs for auction clearance rates with 62 percent. That figure is more than double Brisbane’s average of 30 percent during the same period.
The attraction of Kenmore lies in its value for money, considering the 10 percent price difference between Kenmore and Chapel Hill. Wishart, on the other hand, have some properties selling for $200,000 to $300,000 over their reserve. Low turnover and the Mansfield catchment are its main auction clearance rate drivers.
Other suburbs with high clearance rates include Kallangur-60%, Chapel Hill-57%, Chermside West-55%, and Wavell Heights-54%.
The report, however, notes that these suburbs, including Wishart and Kenmore, have low number of auctions. It is therefore important to look at other factors that affect the auction activities on a particular suburb, such as the number of properties listed, how many of these properties were withdrawn, and the number of auctions that were held.
As far as Brisbane suburbs that recorded the largest number of auctions, Camp Hill leads the list with a total of 104 auctions in the 12 months to August 2019. Other auction-heavy suburbs include Sunnybank Hills, Paddington, Calamvale, Wynnum, New Farm, Bardon, and West End.
