Queensland auction market set to bounce back bigger than before

first_imgAntonia Mercorella, chief executive of the Real Estate Institute of Queensland said: “The market will continue to follow directives but when the State Government considers it appropriate for live auctions to resume in Queensland, we will certainly be supportive of it.”In March, estate agents were forced, almost overnight, to change the way the auction market operates after the government issued a ban on open for inspections and onsite auctions. By moving their businesses entirely online, agents have kept the market alive, pressing forward with live-streamed auctions using digital bidding platforms such as GAVL.Despite Brisbane agents and auctioneers being divided on how they will approach auctions post COVID-19, the consensus is that the market will be bigger, better and more accessible, to Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:12Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:12 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenCOVID-19: What will happen to house prices? 02:13 a wider number of people, including those from interstate or overseas.For leading auctioner Justin Nickerson of Apollo Auctions the social nature of people and the theatre that surrounds onsite auctions mean they will remain a large part of the future auction market. “Auctions have definitely changed. What we grew up with and what we do, entertaining crowds etc, is no more. Having to conduct an auction solo, in an office, with no crowds has been a steep learning curve. “Yet, long term I don’t think online auctions will remain mainstream. Once the restrictions are lifted people will embrace all the things they haven’t been able to do; go to the pub, play football, go to the cinema. Property is a passion of Australians and people have always loved onsite and in-room auctions, so the appetite for them will return.” Onsite auctions are set to return once the COVID-19 restrictions are lifted. (Photo by Bradley Kanaris)Mr Nickerson said there could be a trend towards more auctions being live streamed for those unable to attend, and for more remote properties, such as farms, to be auctioned online, but standard properties would go back to onsite sales.Mitch Peereboom, the chief auctioneer at Ray White, said the company had never been more ambitious about the auction market and the use of technology.More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours ago“Like everyone in Australia, when and if the restrictions are lifted, it is something we are going to welcome, but we’ve been inspired by the courage of agents and the public to move towards digital auctions. “It has changed the way we view what can be done in real estate and how auctions can be conducted, so for us, this is something that we are fully comfortable with and it will continue to be part of our auction strategy. The sky’s the limit for us.” While the number of auctions nationally has dropped considerably over recent weeks, data from CoreLogic this week shows clearance rates of 41.1 per cent, which is the highest rate recorded since restrictions were introduced. Auction withdrawal rates are also declining, which is predicted to continue as restrictions are lifted. Mitch Peereboom, chief auctioneer at Ray White West End, during a live streamed auctionPeter Burgin, chief auctioneer at Place estate agents said ultimately the market would go back to what it was. “We have always offered sellers and buyers all the options when going to auction, but you’ll never take away the market’s desire for a bit of curbside theatre,” he said. “For many people it might be easier to have an auction online, but will more buyers use digital platforms? Possibly, but there will still be plenty of onsite stuff.”Mr Burgin said that what is certain is that more properties will be sold through auctions, with agents being more picky about which properties they take onsite or online.He said he had started to see glimpses of a market recovery, with the discussion among agents shifting back towards doing what they know works.“Every week now, unless there’s another drastic change in circumstances, the trend of picking up listings will continue and by the end of July/August we’ll be back in full swing. We are in for a massive September to December. I think the Brisbane property market this year is in for a really bumper time.” Why Netflix could thwart you getting a rent reduction Hamptons style moves to the next level Leading auctioneer Justin Nickerson of Apollo Auctioneers says people love property and the theatre that goes with an onsite auction. Photo:Luke Marsden.The auction market in Queensland is expected to bounce back bigger and better than ever once the COVID-19 restrictions are finally lifted. Nationwide the rules are already starting to ease, with the Northern Territory this week moving to allow open for inspections and onsite auctions to resume.Agents and auctioneers in Queensland are hoping the state government will soon follow suit.MORE NEWS Small block home sells in 10 dayslast_img

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