Brisbane property price secrecy even after the auctions

Brisbane property price secrecy even after the auctions

Jonathan ChancellorDecember 7, 2020

It would seem the auction price secrecy in Queensland extends beyond their auctions, not just in the lead up.

Last weekend was the first batch of auction campaigns when estate agents could be fined for giving out pre-auction price estimates.

Not that many ever did so, other than the McGrath Estate Agents, who brought the tried and tested, price guidance transparency formula up from the south with them.

There were 140 auction offerings last weekend across Brisbane.

Sadly, just the 35 results were reported to Australian Property Monitors, in the Domain Group.

There were just six auction results with the price outcome given – all successful sales by successful estate agents.

They ranged from $442,000 at Alexander Hills to $1,288,000 at Brookfield.

There were eight sales with prices not disclosed – hardly helpful to an informed market. But perhaps a tactic to get possible buyers onto their phones with pent-up curiosity.

There were 19 pitiful passed in results with no top bid/vendor bid indications.

There were two withdrawals, so we perhaps ought give them the benefit of the doubt, as they work out what the silly laws permit in such circumstance so soon after their December 1 introduction by the Queensland Newman Government.

Source: APM. Click images to expand.

But there's no excuse, if agents want an informed market, for failing to provide full disclosure for the auctions with an outcome – sale, passed in or vendor bid.

Wavell Heights and Ascot hosted the most auctions last weekend in Brisbane each with four listed. There were three auctions each at Indooroopilly, Sunnybank Hills, Parkinson, Nundah, Hamilton and The Gap.

Last weekend was the second busiest on record - just down on the previous weekend's record 162, according to Australian Property Monitors.

This weekend will see a new record number.

There are some 167 homes scheduled to go under the hammer December 13 and then next weekend nearly 90 auctions are scheduled just five days before Christmas.

The Domain Group's senior economist Dr Andrew Wilson noted recently Brisbane has experienced an unprecedented spring auction selling season with 2093 homes listed for auction. This was well ahead the previous highest 1729 recorded over spring 2010 and last year's spring result of 1722.

"November has smashed the record for the most number of auctions conducted with 916 well ahead of the next best result of 728 recorded over November last year," he said.

Most auction ads now carry the disclaimer: This property is being sold by auction or without a price and therefore a price guide can not be provided. The website may have filtered the property into a price bracket for website functionality purposes.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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Brisbane property price secrecy even after the auctions

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