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‘The Day' Auction Event Spotlights Brisbane’s Soaring Popularity

Monday April 22, 2024 ● By Jenna Fearnley // Place HQ

Place Estate Agents is proud to share the strong results from its ongoing auction event, 'The Day', highlighting the consistent growing demand for Brisbane real estate.


With 66 auctions conducted so far, Place Chief Auctioneer, Peter Burgin, can reveal a current clearance rate of 74% across the campaign.


"We're witnessing strong buyer engagement across all price brackets, with an average of over six bidders per auction. Notably, properties up to $1.5M attract nine bidders, while those between $1.5M - $3M and above $3M draw five and two bidders respectively," Mr Burgin said.


Place Managing Director, Paul Curtain, said the campaign drives a competitive environment for sellers and buyers.


"Our initial projections were in line with expectations, forecasting a clearance rate of 70%. However, ongoing negotiations hint at a potential uptick, possibly reaching an 85% clearance rate by Friday," Mr Curtain said.


Research conducted by Place Advisory indicates robust growth in the Brisbane market in the first quarter of 2024, with a 4.7% increase in the median house price within the Brisbane LGA in 2024.


The median price has risen from $1,060,000 in 2023 to $1,110,000 in the last three months.


“This growth highlights the Brisbane market's robustness and resilience,” Mr Curtain said.


As 'The Day' auction event unfolds, Place Estate Agents reaffirms its commitment to delivering exceptional service and expertise to clients navigating Brisbane's dynamic real estate landscape.


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