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Tarah and Adam Hastie with their kids, Chester, 10, and Valerie, 3, and Shadow the dog, are taking their Enoggera home to auction this Saturday. Picture: Adam Head.
SELLING a home at auction has gone from being almost non-existent in Brisbane to a seven day a week proposition as the city’s desperately tight housing market reaches fever pitch.
Home hunters can’t get enough of the action and auctioneers are run off their feet scrambling to meet the increasing demand to go under the hammer as sale prices continue to soar.
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Apollo Auctions director Justin Nickerson is conducting double the number of auctions compared to last year, and spends his days literally running between auctions.
Apollo Auctions director Justin Nickerson. Picture: Annette Dew.
A typical Saturday for the award-winning auctioneer now involves hosting at least 11 auctions, with one being held on the hour every hour from 8am through to 6pm.
But busting the myth auctioneers only work on Saturdays, mid-week auctions are also becoming the norm.
“There’s a real shift away from the mindset auctions will only work on Saturday,” Mr Nickerson said.
The auction of this property at 15 Parry St, Bulimba, will be livestreamed at 8am on Saturday.
“(Sellers) now acknowledge time is secondary to what will happen. There’s a greater belief that the auction is going to work.”
Mr Nickerson said it was also becoming more common for buyers to make higher pre-auction offers to try and avoid having to compete for a property under the hammer, or make higher opening bids to try and knock out the competition.
Adcock Prestige director and auctioneer Jason Adcock is also feeling the heat.
Jason Adcock of Adcock Prestige hosting an auction in Indooroopilly. Picture: Annette Dew.
Mr Adcock said he had noticed a huge increase in phone bidding at auctions, with about a third of bids now by phone from interstate or overseas — a six-fold increase since before the Covid-19 pandemic.
“We’re starting to run (auctions) on Sundays, Thursday evenings, even Saturday evenings, to fit them in,” Mr Adcock said. “We’ve never done that before at all.
“It’s the most transparent way of determining the value of a property in this heated market.
“If you don’t go to auction in the current market, you’re a lunatic.”
Watch this property at 63 Rutland St, Coorparoo, go to auction at 10am Saturday.
Mr Adcock recently sold a property under the hammer in West End for $2.31 million, while next door, an identical house sold privately for $2 million — 15 per cent less.
“I’m receiving three to four calls a day from people wanting to sell their prestige homes,” he said. “I’ve never had calls from people asking to go to auction.
“They know the market is at an all time high. They’re seeing I’m selling these properties under the hammer for great prices.
“For the first time in my 27 years of real estate, everyone is loving the (auction) process; the buyer, the seller and the agent!”
Prestige agent Jason Adcock sold this property at 24 Glen Rd, Toowong, for $7.3 million — $1 million above reserve — late last year.
Mr Adcock said sellers were achieving 10 per cent to 15 per cent more by selling at auction compared with private treaty.
Brisbane auction rates hit a record 88 per cent clearance rate last month, compared to below 50 per cent prior to Covid.
And the onset of winter has done nothing to slow the auction market.
This weekend, around 170 homes are scheduled to go to auction in Brisbane — that’s up 148 per cent year on year according to Realestate.com.au.
Watch this property at 92 Elfreda St, Enoggera, go under the hammer at 1pm on Saturday.
Among them will be the Enoggera home of Tarah and Adam Hastie, which is being marketed by Matthew Jabs of Place – Newmarket.
The couple specialises in designing, building and selling ready-made, family homes in Brisbane’s inner north.
Matthew Jabs of Place Newmarket is marketring the home at 92 Elfreda St, Enoggera, which is going to auction on Saturday. Photo: AAP/Ric Frearson.
Their project at 92 Elfreda Street is a five-bedroom, gable-style house on a 660 sqm block.
“To be honest, I think it’s a great way to showcase what a property’s worth is,” Mrs Hastie said.
“How do you really know what the value of a property is unless you have that full marketing campaign?”
The five-bedroom family home at 92 Elfreda St, Enoggera, was designed and built by Activates Construction.
Mrs Hastie said demand for their business, Activates Construction, had increased as people started to realise the benefits of buying a finished product — particularly given the current shortage of supplies and tradespeople in the building industry.
One of the most viewed homes on Realestate.com.au that is going to auction on Saturday is a three-bedroom house on more than 700 sqm at 37 Isabella St, Tarragindi.
Marketing agents Dimitri Manolis and Claudia Marchand of Ray White New Farm have had 200 buyers inspect the property — mostly local but some from interstate.
“The property is perched on a hill in a sought-after suburb backing on to Toohey Reserve,” Mr Manolis said.
This property at 37 Isabella St, Tarragindi, is scheduled for auction at 3.30pm on Saturday.
“Tarragindi was once a low demand suburb and now buyers are being priced out of the inner city market, they are looking further afield to find serenity on a large block where they can renovate or build their dream home.”
Last month, Ray White had 556 auctions booked across Queensland and cleared 72 per cent. So far in June, the group already has 450 auctions booked.
Ray White Queensland CEO Jason Andrew said that on average sellers received 11 to 12 per cent more by selling under the hammer than by accepting a prior offer.
This apartment at 14/20 Newstead Avenue, Newstead, is scheduled for auction at 12 noon on Saturday.
“The data shows you that auction is the only way to sell,” Mr Andrew said.
“We have a rich data set on every auction held in our network and all the metrics keep getting stronger. This is going to be the best winter ever for property markets.”
The Courier-Mail will livestream all the action as Apollo Auctions director Justin Nickerson tests the property market from Brisbane’s northwest to the bayside.
These are the auction to watch via couriermail.com.au on Saturday:
AUCTIONS TO WATCH LIVE ON SATURDAY
8AM – 15 Parry Street, Bulimba
10AM – 63 Rutland Street, Coorparoo
12 NOON – 14/20 Newstead Terrace, Newstead
1PM – 92 Elfreda Street, Enoggera
3.30PM – 37 Isabella Street, Tarragindi
TIPS TO BID AT AUCTION IN A HOT MARKET
1. Have everything organised beforehand
You need your finance ready to go, building and pest inspection done (if the vendor isn’t providing this), photo ID to register and if you are bidding on someone’s behalf you need to fill in an authority before the day.
2. Do your research
Know what the property is likely to sell for before you turn up. Websites like realestate.com.au can show you how much similar homes have sold for in the same area/street, which should give you a feel for what price level it may hit.
3. Bid boldly
Be the first to bid, most bidders will sit on their hands. Bidding first signals your intention to buy and puts other potential bidders on notice that you are serious.
4. Be clear and confident
Think about your bidding strategy beforehand, don’t just wing it on the day. Know what you are prepared to pay and be confident with your bidding, this shows everyone else how determined you are to win.
5. Be ready to buy
When the auctioneer says the property is on the market, that means it will be sold. If you are the highest bidder it’s yours. You’ll need to pay a 10% deposit there and then. Auctions are unconditional so there is no backing out once the hammer comes down. There is no first right of negotiation after an auction in Queensland, so if you want it bid for it.
(Source: Jason Adcock, Adcock Prestige)
TOP 5 SUBURBS FOR AUCTIONS IN QLD THIS WEEKEND
Suburb Number of auctions
Buderim 9
Camp Hill 6
Wishart 5
Buddina 4
Hendra 4
(Source: Realestate.com.au)
MOST VIEWED PROPERTIES GOING TO AUCTION IN QLD THIS WEEKEND
1. 4 Evergreen Drive, Elanora
2. 1 Dewdrop Street, Mansfield
3. 8 Mccubbin Court, Burleigh Heads
4. 51 Ara Street, Camp Hill
5. 154 Watson Street, Camp Hill
6. 37 Isabella Street, Tarragindi
7. 62 Koola Drive, Nerang
8. 64 Morehead Avenue, Norman Park
9. 52 Numeralla Avenue, Ashmore
10. 10 Macintosh Street, Auchenflower
(Source: Realestate.com.au)