Chermside West is among the best Brisbane suburbs to sell a house by auction, the latest Domain report revealed.
The latest Domain report revealed the Brisbane suburbs where auction clearance rate is high as analysed from the number of auctions data, as well as the number of properties sold by auction and its correlating clearance rate.
Chermside West recorded a high clearance rate of 55% over the 12-month period to August 2019. Meanwhile, Kenmore and WIshart emerged as the top suburbs for auction clearance rates with 62 percent, more than double Brisbane’s average of 30 percent during the same period.
Located 10 kilometres from Brisbane CBD, Chermside West is home to 6,458 individuals whose median weekly household income is $1,722, according to ABS 2016 Census. In the past 12 months to July 2019, there have been 86 houses sold in Chermside West with a median sale price of $585,000, data from propertyvalue.com.au says.
In Brisbane, an average of 9.8 percent of property listings were campaigned by auction over the past 10 years, as compared to 30 percent in Sydney and Melbourne. Other top Brisbane suburbs for auction clearance rate are Kallangur-60%, Chapel Hill-57%, and Wavell Heights-54%.
The report, however, notes that these suburbs, including Wishart and Kenmore, have a relatively 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auction activities on a particular suburb, such as the number of properties listed, how many of these properties were withdrawn, and the number of auctions that were held.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.