Mexicans vs Banana Benders
Whether it’s down to football or weather, the friendly rivalry between Queensland and the southern states is a firm part of Australia’s history. But when it comes to property prices, the sort of stratospheric numbers southerners have to pay for their homes far outstrips ours – the median house price in Sydney is now over $1.1 million and Melbourne is not far behind!
Just when we thought prices in the southern capitals couldn’t possibly go any higher, the latest Home Value Index from researcher CoreLogic has shown prices in Melbourne and Sydney surged again in February. The two cities are now in the top five least affordable markets in the world.
Apparently, the southerners are over it.
How do we know? Because many agents are reporting that over recent weeks, they’ve been heading north in droves, apparently seeking both value and a better lifestyle. It’s not just owner occupiers, either - investors seem to also be recognising the potential for price growth in our state is far greater and buyer activity is spiking.
What this means for Queensland agents and their vendors is greater opportunity. With the level of competition for available property in some areas and price segments at the highest level for a decade, it’s become possible to achieve a sale both more quickly and at a premium price.
The best mechanism to capitalise on competition is via the auction process. Even better, it’s a process the southerners are very familiar with and often prefer. Regardless of whether the property is sold before, after or on auction day, a well-run auction campaign keeps the seller in the driver’s seat, sending a clear call-to-action to all parties who might be interested in buying.
And it’s clearly working. Last week, The Auction Group recorded a clearance rate of 78% amongst its partner agents – that’s just 2% lower than the heady southern property markets.
Whether you’re an experienced auction agent, considering running an auction for the first time, or somewhere in between, it really doesn’t matter. As fellow banana benders, we’re ideally placed to help you get your listing auction ready and achieve a great result for your vendor – and make the most of the current conditions.