Auctions and open homes see high turnout despite recent disruption
One week after Cyclone Alfred temporarily disrupted property auctions and open homes, real estate activity in Brisbane and the Gold Coast has largely returned to normal, according to the Real Estate Buyers Agents Association of Australia (REBAA).
REBAA president Melinda Jennison (pictured above left) said attendance at open homes in Brisbane’s inner- and middle-ring suburbs over the weekend was as strong as before the severe weather event.
“Compared to the 2022 floods, it appears that the property market impacts of the cyclone have been negligible in the majority of suburbs,” Jennison said. “Of course, we do have some areas that have experienced flooding, but it is important for buyers to understand that these locations are in the minority rather than the majority.”
She noted that some open homes and auctions had drawn more than 50 groups, with most buyers seemingly unconcerned by the recent weather conditions.
According to CoreLogic’s Property Market Indicator Summary, Brisbane had the highest auction volume among the smaller capital cities, with 171 homes taken to market—up significantly from 71 the previous week when the cyclone impacted activity. The preliminary clearance rate for Brisbane reached 59.0%, the highest recorded so far this year.
“Buyers were out on force and prepared to submit offers or bid at auction in a variety of suburbs north and south of Brisbane,” Jennison said. “The fact that the market appears to have shaken off the Cyclone Alfred interruption is really a barometer of the sound fundamentals of the region’s property market.”
Apollo Auctions director Justin Nickerson (pictured above right) echoed the sentiment, saying auction activity in Brisbane remained strong over the weekend.
“We had a really strong Saturday, which was fantastic,” Nickerson said. “I think any minor disruptions were beforehand, perhaps with more postponements because sellers have lost one week of their campaigns.
“On the Saturday, though, it was business as usual and there were some pretty active buyers out there. Market conditions were maybe even a touch better than they have been.”
On the Gold Coast, auction volumes were lower due to postponed campaigns, but results remained strong, according to Apollo Auctions Gold Coast auctioneer Rob Doorey.
“My auction clearance rate was 75% across a variety of properties from Tweed Heads and Southport to Mermaid Waters, Miami, and Broadbeach Waters,” Doorey said. “Those properties that went ahead with auction – looking at that clearance rate of 75% – we actually did better than before.
“They were good quality properties, and they were good quality buyers, so, I don't think it would’ve mattered what happened, the buyers would have been there. The Gold Coast market is back to normal, and those people that didn't turn up to buy at the weekend are probably going to be disappointed.”
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