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Case analysis of auction market in Brisbane housing system

Susilawati, Connie & Lin, Vickey Chiu-Chin (2006) Case analysis of auction market in Brisbane housing system. In Pacific Rim Real Estate Conference 2006, 22 - 25 January 2006, Auckland.

Abstract

Only recently, the average Australian residential property market was experiencing negative growth caused by the decrease of average housing prices in the major capital cities, in particular, Sydney and Melbourne. However, other cities were registering positive growth. In a decade, the average house price in Brisbane has increased by more than 150 per cent. In 1994, the highest average house price in Brisbane was around $310,000 but in 2004 it reached $780,000. The high appreciation expectation has also influenced the choice of housing transaction method. In a boom market, auction in Sydney and Melbourne contribute a certain level of residential property market share. In Sydney, there was 50 per cent of all real estate sold by auction marketing. During the same boom period, the Brisbane auction market only had 20 to 30 per cent market share. This initial study aims to explore Brisbane housing auction market and the risk/benefit analysis to stakeholders in the auction mechanism. This study analyses the results from in-depth interview of representative of stakeholders and recent sales data (mid August to early October 2005). It was also found that vendors gain more benefits than buyers in the auction market. However, the strict terms of conditions that apply in auction transactions relative to the private treaty sales have discouraged buyers from utilising the auction process.

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ID Code: 8569
Item Type: Conference Paper
Additional Information: For more information, please refer to the conference’s website (see hypertext link) or contact the author. Author contact details: c.susilawati@qut.edu.au
Additional URLs:
Keywords: Auction Residential House, Auction Mechanism, Housing System, Brisbane
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > COMMERCIAL SERVICES (150400) > Real Estate and Valuation Services (150403)
Divisions: Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering
Copyright Owner: Copyright 2006 The Authors
Deposited On: 11 Jul 2007
Last Modified: 29 Feb 2012 23:20

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