Current Conditions Creating Wonderful Results For Sellers!

With many of our future sellers still taking a "wait and see" approach when it comes to selling, an article that appeared in yesterday's Gold Coast Bulletin should provide a significant confidence boost as well as a call to action.

Whilst many clients are waiting for the traditional Spring selling period, for those sellers that have chosen to list their home earlier, the results have been spectacular.

The Gold Coast Bulletin article that focussed on local and National auction results highlighted just how strong the current mix of low stock numbers and highly motivated buyers is having in the auction space.

Incredibly, the article states that the current number of registered bidders per auction is the most competitive the market has seen since the peak of the market almost two years ago with buyers aggressively pursuing properties against a backdrop of very limited supply numbers.

If ever an article highlighted the outstanding opportunity in the market for sellers choosing to sell right now it is this report.

With stock numbers expected to rise sharply over the next few months, the evidence is clear that the earlier a seller comes to market the more likely they are to achieve a great result.

Our role as agents is to create competition and competition comes from two sources.

The first ingredient is the number of buyers in the market and right now there are strong numbers of ready to go buyers looking for their next purchase.

The second piece of the competition equation is often overlooked but it is every bit as important.

It is the number of properties on the market competing for an active buyer's attention.

With very few properties on the market right now, a well structured marketing campaign can attract the best buyers in the marketplace. 

This formula is currently creating wonderful results for sellers.

Please see the full Gold Coast Bulletin article below.

SELLERS SPRING INTO AUCTIONS

A pause in interest rate hikes and resulting boost in seller confidence has fuelled an early start to spring auction season.

New data reveals the best Queensland markets for selling at auction this spring, based on average bidder numbers, with Upper Mount Gravatt in Brisbane, Chevron Island on the Gold Coast, and Port Douglas in the state’s north all topping the list.

Other top Glitter Strip suburbs for auction based on bidder numbers in the past year were Coomera, Tugun, Miami, and Broadbeach, the figures from Ray White show.

The average number of active bidders at an auction on the Gold Coast was the highest it has been since September 2021.

Next week, Ormeau has the most homes going to auction at 25, followed by Broadbeach with 24.

Ray White data analyst William Clark said the data suggested it was going to be a competitive auction season, with evidence vendors were already coming to market earlier than previous spring selling seasons.

“It does hint that auction season’s coming early,” Mr Clark said.

“There’s been a couple of months of really strong price growth and I also think there’s a feeling, perhaps, that interest rates are close to their peak, so things are going to start stabilising and people can start planning out big moves.

“Consecutive rises in interest rates slowed down activity and created a lot of uncertainty, but it looks like the easing off may have had a rubber band effect.”

The appetite for buying at auction in Queensland was cemented in July when the state’s auction sale record was shattered by a Gold Coast mansion selling under the hammer for an eye-watering $24m.

Apollo Auction’s auctioneer Rob Doorey, who hosted the record-breaking auction of 59 The Corso, Isle of Capri, said the result had “changed the auction narrative” in the state.

“There has been a bit of a furphy here in Queensland that you usually don’t auction this type of property, or in this location, because of the chance it might not attract many bidders,” Mr Doorey said.

“Before the auction, it was probably apparent that the market price of this property was north of $20m. So, how many people would you think would actually be in the position to buy cash unconditionally at that level? Well, believe it or not, we had 10 registered bidders with most of them being current or former locals.”

PropTrack economist Anne Flaherty said she had also noticed an uptick in selling activity ahead of spring, which was good news for buyers.

“Not only is this providing buyers more choice, but it could also cool price growth, which has been driven in large part this year by buyer demand exceeding the supply of properties for sale,” she said.