One week after Cyclone Alfred forced a temporary halt to open homes and auctions, the Brisbane and Gold Coast markets have continued their robust market conditions, according to the Real Estate Buyers Agents Association of Australia (REBAA).
President Melinda Jennison said attendance at open homes over the weekend in Brisbane’s inner- and middle-ring suburbs had been as solid as they were 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,” Ms 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.”
Ms Jennison said some of the open homes and auctions she attended over the weekend had more than 50 groups with most buyers appearing to be non-plussed about the weather happenings a week ago.
“Buyers were out on force and prepared to submit offers or bid at auction in a variety of suburbs north and south of Brisbane,” she 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 said auctions over the weekend in Brisbane hadn’t really skipped a beat.
“We had a really strong Saturday, which was fantastic,” Mr 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.”
Apollo Auctions Gold Coast auctioneer Rob Doorey said that while he called fewer auctions because of postponements, the results had been strong.
“My auction clearance rate was 75 per cent across a variety of properties from Tweed Heads and Southport to Mermaid Waters, Miami, and Broadbeach Waters,” Mr Doorey said.
“Those properties that went ahead with auction – looking at that clearance rate of 75 per cent – 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.”
ENDS
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