A lack of stock coupled with high liveability is helping smaller homes in Brisbane’s northern suburbs win big at auction.
According to new research by the Domain Group, two-bedroom, one-bathroom homes that go under the hammer on a Saturday are the most likely to clear, with data compiled over the past 12 months revealing those pint-sized properties have a clearance rate of 47 per cent.
While it’s a slight change from the 2018 data, when three-bedroom homes in Brisbane’s inner city held the clearance rate crown, Domain data scientist Dr Nicola Powell says the research reveals affordability can be key.
“With two-bedroom houses there are also fewer – so it could also be a lack of stock [that’s driving buyer appetite],” Dr Powell said.
It’s good news for Kedron vendor Sam Chapman, who placed his two-bedroom, one-bathroom cottage at 47 Ramsay Street up for auction just a couple of weeks ago.
He said the prime slice of north side property had already attracted 15 groups to the first open house – just 36 hours after the auction campaign launched.
He put the high level of interest down to the sheer liveability of the area and said the only reason they were selling was to upgrade to a bigger place for their growing family.
“It’s such a great area – it’s really family-orientated and it has shops, public transport and lots and lots of parks,” Mr Chapman said.
“There’s miles of pathways too so it’s a really nice area to bring up a family … in fact we want to stay here [in Kedron] if we can.”
Selling agent Tamara Lee, of Ray White Ashgrove, said it was no surprise homes going under the hammer on the north side achieved top clearance rates, with excellent infrastructure and access to outstanding amenities making the area a hot spot for home buyers.
“I also think two-bedroom homes are selling well because of their affordability,” Ms Lee said.
Thanks to the stellar start to 2020, she said the agency had achieved a 100 per cent clearance rate on their auctions so far with the Chapmans’ two-bedroom, one-bathroom abode set to be no exception when it goes under the hammer on Saturday, April 4 at noon.
The home boasts a white picket fence, polished timber floors, high ceilings and stained glass casement windows as well as a sunroom, airconditioned lounge and dining area, a deck and a landscaped yard on a 405-square-metre block.
Brisbane auctioneer Justin Nickerson of Apollo Auctions said despite the city’s overall low auction numbers (in comparison to Sydney in Melbourne), they’d enjoyed a phenomenal few months in terms of clearance rates, which had delivered the strongest start to the year for auctions in almost a decade.
“The past few years haven’t been very exciting with auctions so this is good news,” Mr Nickerson said.
“I’ve got 10 auctions this Saturday including one in Aspley that’s had 10 offers prior.”
Daniel Waters of LJ Hooker Aspley said auction clearance rates were up from a year ago, with buyers pouncing on properties across the board – from two-bedroom abodes to large family properties.
“The first three months of this year were the busiest I’ve had ever had and there are lots of investors that are looking to buy [right now],” Mr Waters said.
“I had one new home come to the market last Saturday and we had 15 groups there.”
More than 65 homes are set to go under the hammer this Saturday across Greater Brisbane and while all data points to two-bedroom, one-bathroom homes stealing the show, Dr Powell said it was important to note that properties sold at auction tended to be higher end abodes.
Over the past 12 months, she said, the median sale price for homes sold under the hammer was $780,000, compared to a median price of $555,000 for private treaty sales.
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