Tuesday, November 30th, 2010
Buyer confidence took another dip last week, with just 50% of auctions conducted by Jason Andrew Auctioneers attracting bidder registrations. The latest figure is significantly lower than the highs of 80% recorded over the previous two weeks. The overall clearance rate also dropped to just 21%, down 9 points from the preceding week.

Director Jason Andrew said the sudden drop in buyer activity had left many vendors without the opportunity to make a selling decision.

“61% of the properties we auctioned did not attract a genuine bid. With at least some of the vendors of those properties genuinely motivated to sell before Christmas, there’s a clear opportunity for buyers who’ve been waiting in the wings to buy well.”

“Of the properties that did sell under the hammer, all went for just over or on the vendor’s reserve price and in some cases, under expectations. One property in particular sold for almost $300,000 under the vendor’s original reserve, compelling evidence that there are excellent buys to be had in the current market conditions.”

“With the Reserve Bank’s indication that interest rates are likely to stay on hold in the short term and agents reporting a spike in the number of properties up for sale, conditions are ripe for buyers to act.”

Contact Profile

Jason Andrew Auctioneers

Jason Andrew Auctioneers is an independent auction house conducting thousands of auctions every year for real estate agents across South East Queensland.

Jason is the current Australasian Auctioneering Champion, the highest industry accolade available. Jason was also awarded Auctioneer of the Year 2009 by the Real Estate Institute of Queensland.
Jason Andrew
P: 0409 761 730
W: www.jasonandrew.com.au


Real Estate, Auctions, Brisbane, SEQ, Property Market, Buyers, Vendors



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