House prices rise as fierce buyer competition grips Brisbane auction market – realestate.com.au

A two-day auction event has proven that FOMO is as fierce across Brisbane as it was during the pandemic property boom as buyers compete for limited housing stock.

Nearly 40 separate auctions were held during Place Estate Agents’ The Day event, which took place on January 30 and 31, with tens of millions of dollars worth of property sold under the hammer.

At the event, Place auctioneer Sam Kelso said there was an average of 5.2 registered bidders per home, with several auctions recording bidders in double digits.

“It’s a clear sign that demand continues to outstrip supply across Brisbane,” Kelso said.

“Demand on the ground is incredibly strong, such as scenes during Covid-19.”

The crowd at one of the auctions

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And FOMO (fear of missing out) was a common trend reported by the selling agents, with a number of properties selling before auction.

One of the standout results came from a packed auction in Mount Ommaney, where 15 Bowles Street attracted twenty registered bidders, a large crowd and eighteen competing bids, eventually selling for $1.865 million above reserve.

The campaign was led by Paris Arthur of Place Graceville Indooroopilly, who said buyer pressure was increasing around a small number of high-profile properties.

“This was a very desirable home in a tight neighborhood, with possibilities

this level is not common,” Mr Arthur said.

“When they do, buyers act quickly because they know the choice is limited.”

The momentum continued on Saturday, with 20 Gower Street in Holland Park West selling for $2.27 million after 55 bids through Shane Hicks of Place Camp Hill, with all five registered bidders actively competing with each other.

“Every bidder was engaged, and once the momentum built there was no pause. It is a clear reflection of how competitive conditions persist for buyers trying to secure the right property,” Mr Hicks said.

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20 Gower Street, Holland Park West, sold for $2.27 million after 55 bids

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Further competition was seen at Woolloongabba, where 14 Heaslop Street, a 385 square meter plot, attracted six registered bidders and 13 bids, opening at $900,000, before selling for $1.225 million, $125,000 above reserve.

All bidders were local and a family guarded the site.

By comparison, two identical blocks on the same street sold for about $900,000 last year.

Alex Rutherford of Place New Farm said the result reflected the scarcity of land in the city centre.

“When well-located land comes on the market, buyers act quickly,” says Rutherford.

“In suburbs like Woolloongabba, options are limited, and that increases competition.”

A 385 square meter plot of land at 14 Heaslop Street, Woolloongabba, sold for $1.225 million

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The latest PropTrack Home Price Index shows Brisbane house prices have risen by a record $149,000 over the past 12 months, with the average house price reaching $1.178 million in January, following a 13.1 per cent increase.

Units rose faster, by 18.4 percent or $127,500 to $811,000.

The total average home price – houses and units combined – in Brisbane now stands at $1.023 million.

House prices in Greater Brisbane have risen 95.7 per cent in five years, while regional Queensland has risen 88 per cent.

Meanwhile, a mega auction on the Gold Coast on January 25 attracted more than 400 registered bidders.

Ray White’s auction experience included approximately 150 properties and attracted an average of 3.7 buyers per property.