Wishart is among the top Brisbane suburbs in terms of auction clearance rate, the latest Domain data crunch revealed.
In its latest report, Domain analysed the number of auctions data in each suburb, as well as the number of properties sold by auction and its correlating clearance rate, over the 12-month period to August 2019.
What the study revealed is that whilst Brisbane is not known as an auction-led city, it has in recent years shown growth in auction activity, particularly in suburbs where buyer demand is high.
Kenmore and WIshart, in particular, turn out to be the top Brisbane suburbs as far as auction clearance rates is concerned with 62 percent — more than double Brisbane’s average of 30 percent during the same period.
Experts say that low turnover and the attraction of Mansfield school catchment to families with school-aged children have pushed the average clearance rate for Wishart upwards, with some properties selling for $200,000 to $300,000 over their reserve.
The same can also be said about Kenmore where buyers see value for money, considering the 10 percent price difference between Kenmore and Chapel Hill. Other suburbs with high clearance rates include Kallangur-60%, Chapel Hill-57%, Chermside West-55%, and Wavell Heights-54%.
The report notes that these suburbs, including Wishart and Kenmore, have low number of auctions. It is therefore important to look at other factors that affect the auction activities on a particular suburb, such as the number of properties listed, how many of these properties were withdrawn, and the number of auctions that were held.
As far as Brisbane suburbs that recorded the largest number of auctions, Camp Hill leads the list with a total of 104 auctions in the 12 months to August 2019. Other auction-heavy suburbs include Sunnybank Hills, Paddington, Calamvale, Wynnum, New Farm, Bardon, and West End.