POCKETS of Brisbane have become hot property, achieving sales well above reserve and driving up auction clearance rates to their highest point in years.

And experts say there is more to come, with the value in Brisbane continuing to draw investors as the traditional peak mortgage season kicks off in spring.

CoreLogic RP Data figures put Brisbane’s auction clearance rate at 66 per cent last week, its highest level since 2009, and blitzing the 44.7 per cent recorded at this time last year.

Place Estate Agents chief executive Damian Hackett said suburbs such as Brisbane’s West End had property go for “well above reserve” at auction as buyers secured a foothold in tightly-held inner city areas.

“West End is a wonderful character suburb and its various lifestyle attributes make it a tightly held and hotly contested location,” he said.

“It falls within the Brisbane State High School catchment, which is a major part of the appeal for families.”

Among the biggest gaps between reserve and final bid was a three-bedroom cottage at 41 Princhester St, which was hotly contested by 11 registered bidders last weekend, going “on the market” at $835,000 and closing at $991,000, effectively $156,000 above reserve.

Asian buyers were the biggest drivers in another auction boom suburb – Sunnybank – which Yong Real Estate agent Tom Zhang said was logging significant capital gains for sellers with some properties so hotly contested they sold way above reserve before auction.

Ray White auctioneer Haesley Cush said more homes were selling before auction.

LJ Hooker New Farm principal Brett Greensill said the action was spurred by low interest rates combined with a hot market, driving up confidence and clearance rates.

“Buyers are out in force, with the number of buyers attending auction property open houses at record highs,” he said. “It wasn’t that long ago, buyers were worried about their finances ... not any more.

“Most of our buyers, even private treaty, are cash buyers with finance already approved and ready to go.

“If they’re not in that position, they often find themselves missing out altogether.”

Thirty-one experts on thefinder.com.au predict the Reserve Bank will keep the cash rate on hold at 2 per cent on Tuesday.

Source ：http://www.news.com.au/finance/real-estate/brisbane-homes-achieving-sales-well-above-reserve-and-driving-up-auction-clearance-rates/story-fndbalka-1227465373202