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Buyers are back in full force according to the successful result of the Colliers International and PRDnationwide September Auction Clearance after 60 per cent of the properties auctioned were sold during or after auction.

More than $3.5 million worth of residential property was sold at the auction earlier this month.

Nigel Summerville, Colliers International residential sales director, said there were 10 residential properties included in the portfolio undertaken by Colliers International and PRDnationwide.

“It was a successful night. There were 35 registered bidders for the 10 properties included in the portfolio,” Mr Summerville said.

“Three properties sold prior to auction and two on the night with one shortly after,” Mr Summerville said.

One of the properties sold was 102/229 Queen Street, Brisbane which was snapped up by an inner city business owner for $750,000 - $30,000 above the last sale in the building. The buyer plans to use the property as a home/office.

An apartment at 223/71 Beeston Street, Teneriffe was sold to a first home buyer for $550,000 as was 38/9 Doggett Street for $500,000.

“The auction clearance gave a great snap shot of the current market, showing that buyer confidence is back,” he said.

“Buyers are coming from right across the board – including Asian investors to retirees and first home buyers,” he said.

Mr Summerville said Colliers International has strategically moved towards marketing properties in auction portfolios in light of the current economic condition.

“We have had significant national success with this process and because the market has changed, this method of sale is more suited to buyers and sellers’ needs,” said Mr Summerville.

“There is good buying in the current environment and we certainly witnessed some compelling sales,” he said.

Mr Summerville said the auction event let sellers tap into both the Colliers International and PRDnationwide buyer databases.

“This dramatically increased the profile of these properties and the results are testament to that,” he said.

“To get a 60 per cent success rates is very strong, it is above average,” he said.

“Auction portfolios are an excellent way of getting deals done as properties are sold under the hammer and settlement occurs 30 days later all on sellers terms not the buyers,” he said.

“It gives vendors and buyers certainty over other methods of sale and buyers are attracted to auctions as they know they will walk away with a property on the day,” he said.

“This is definitely something we are keen to continue in Queensland, which is a reflection of the market we are in,” said Mr Summerville.

“It’s evidence of the fact that there is a strong desire by a lot more owners to sell their properties and buyer enquiry and activity is certainly picking up in this second half of the year,” he said.