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Brisbane in demand: ‘Ferocious’ auction market puts pressure on hopeful buyers

Article image for Brisbane in demand: ‘Ferocious’ auction market puts pressure on hopeful buyers

Brisbane’s property market is still running red hot.

There is a lot of competition on the scene, with higher than normal domestic migration rates to the sunshine state, as well as people returning home from overseas.

“It’s a really bountiful time in south east Queensland, it’s certainly probably the most ferocious auction market we have felt for the last dozen or so years,” Justin Nickerson from Apollo Auctions said.

“The lack of available listings that are out there in the marketplace compounded by strong buyer interest is creating a bottleneck in most situations and it’s leading to these kind of frenzies we are seeing, both in terms of multiple offer scenarios if it’s a private treaty, but also some pretty heated auction battles occurring as well.”

He said if you’re turning up to an auction, he advises not to get fixated on historical data.

“From a buyer’s point of view, do your research, absolutely.  But what you need to be more clear on is having conversations with decision makers to say here is our price … here is our absolute price.

“Most of all the thing we always say when we coach buyers is inactivity on auction day is not a strategy, it’s merely a hope. If you want to buy the home, you have to do something to affect that.

“You can’t turn up without any game plan in place, put your arms buy your side and hope the property falls into your lap.”

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Image: iStock

 

Bill McDonald
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