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Brisbane’s auction market gained strength during the second quarter of 2015, according to Harcourts Queensland’s chief auctioneer.
Mitchell Peereboom said reduced stock has translated into high demand, with buyers willing to compete for property.
Properties listed through auction at Harcourts spent an average of 35 days on the market, compared to 84 days for an exclusively listed property.
Mr Peereboom said Harcourts sold several properties under the hammer after receiving little interest through exclusive listings.
“The auction platform was a pivotal factor in reducing the days on market, allowing sellers to better plan for the future and not having the uncertainty of waiting for an outcome,” he said.
“We’ve seen healthy clearance rates over the April to June period, which showcases the increased confidence in the market.”
Mr Peereboom said that sellers who chose to auction their properties capitalised on increased levels of demand and often got more than the reserve price.
Marketing investment played an important role in achieving these results, he added.
Harcourts properties sold within 45 days had an average marketing spend of $4,800, while those that didn't sell had an average spend of $2,100.
[LinkedIn: Which generally works best – auction or private treaty?]
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