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Monday, 8 May 2017

Brisbane auctions

Bris auctions

I recently looked here at how Queensland's mortgage and transfers market has ground its way through a long and slow recovery since widespread flooding in the state in 2011. 

I don't often take a look at auction clearance rates in Brisbane.

Since so few properties go to auction, the results are very thin, can be volatile, and don't necessarily provide a great indicator as to the health or otherwise of the housing market. 

Over a similar timeline since 2011 the trend here has also been steadily upwards, but with a notable lull at around the time APRA implemented its first round of macroprudential measures.

This week Brisbane posted a preliminary clearance rate of 60.8 per cent, well up from 41.2 per cent on the same weekend last year, though volumes were considerably lower reflecting a dearth of quality stock on the market. 

Source: CoreLogic

Brisbane's inner city apartment market, not well captured in these numbers, is struggling.

Sydney recorded a preliminary clearance rate of 77.8 per cent - up from 71.8 per cent last year - and similar numbers were seen in Melbourne.

Volumes were much lower in all three of the most populous capitals.