Auction Clearance rates for the week just passed are through the roof. According to propertyupdate.com.au, all capital cities are sitting around 80% clearance rates similar to the previous weeks reported clearance rates. Nationally the number of properties taken to the auction are up (1,787) on the previous week (1,390) yet down on pre-Covid levels. Now, while we in Queensland are not necessarily an ‘Auction’ State, compare Melbourne’s scheduled auctions last week of just over 1,000 properties to that of Brisbane at 57, clearance rates are still high and this is a strong indication that there are more buyers than sellers in the market place and further evidence of rampant housing prices.
If you are a property owner and thinking of selling now is a perfect opportunity. Locally, I am here to help in any way I can now or sometime in the future.
CBA this week announced its thought on the future of housing prices suggested we will see 8% year on year growth with 16% increases in prices over the next 2 years. Of course, last year they along with all other banks were saying prices would drop of up to and even over 20%. Once we see the government grants end and the mortgage holiday finish this might and a flow on effect.