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AU Brisbane house auctions double in week after federal election

Property Here - Saturday, September 14, 2013

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Property scramble creating hot spots

Clime Asset Managements's John Abernethy claims some property is running too hot

2:29 / 5:09

THE number of properties being auctioned in Queensland has almost doubled now that the federal election is over.

Last weekend only 129 properties were listed for auction, but this weekend 255 will go under the hammer.

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In Brisbane, 88 properties are expected to be auctioned this weekend, compared with 37 last weekend.

Paul Brinckman, of Belle Property, said the election had affected owners' decisions to put their houses to auction.

He has two properties listed for auction this weekend, including the home of Venessa and David Marjoribanks at Rembrandt St, Carina, at 1pm today. The couple had planned to auction the house on September 7, but changed that date before former prime minister Kevin Rudd changed the day of the election.

"I am really pleased we did,'' Mrs Majoribanks said.

She said the market appeared to have been fairly active in previous weeks.

According to Cameron Kusher, of RP Data, after three of the past five federal elections, house values rose nationally in the following 12 months.

But he said after the previous two elections, November 24, 2007, and August 21, 2010, home values had fallen. So far this year capital city home values have gone up 4.9 per cent.

Mr Kusher said it was debatable how much could be attributed to an election, but federal elections and the Budgets that followed had an impact on consumer and business confidence.

Jim Midgley, of Harcourts Queensland, said with the election now over he expected activity to pick up.

He said confidence had started to return in the month before the election and he thought that would continue.

"It will be a healthy real estate run into Christmas in the southeast Queensland market,'' he said. "I think there is a lot of positive signs.''

John McLeod, of Harcourts Bulimba, agreed confidence had returned. He said competition for properties had picked up because there was a lack of stock in some areas.

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