Brisbane will host its highest number of auctions so far this spring - and the second highest Saturday offering of the year. 141 homes are scheduled to go under the hammer which is we’ll ahead of the 99 auctioned last weekend and just below this year’s high of 144 recorded on Saturday April 12th.

This weekend’s auction numbers are also well ahead of the 99 conducted over the same weekend last year reflecting the rise in Brisbane market activity over the past 12 months.

Inner suburban neighbours Clayfield and Ascot are the most popular suburbs for auctions in Brisbane this weekend each with 7 scheduled. Next highest is Sunnybank Hills with 6 followed by Paddington and Eagleby each with 5 and Bardon, Bethania, Hamilton, Kedron, New Farm and Red Hill all with 3 auctions scheduled this weekend.

Notable sales reported sold at auction last weekend in Brisbane included a 4 bedroom home at  53 Nestor Avenue Bardon sold for $1,305,000 by SPACE Property Agents, another 4 bedroom home at 10 Crowther Street West End sold for $1,100,000 also by SPACE Property Agents, a 3 bedroom home at 12 Raven Street West End again sold by  Space Property Agents for $940,000, a 5 bedroom house at 75 Marmindie Street Chapel Hill sold for $770,000 by Place Estate Agents - Ascot and another  5 bedroom home at 36 Edith Street Wellington Point  sold by Ray White Wellington Point for $772,000.

Latest Domain Group data from APM Pricefinder has reported a surprise fall in the Brisbane median house price over the September quarter. House prices were down by 1.3 percent to $473,924 which was the first decrease in house prices recorded since the June quarter 2012 – over 2 years ago.

All Brisbane regions reported falling median house prices over the September quarter with the exception of Brisbane City where prices were steady. Over the past year Brisbane City has led local regional house price growth with an increase of 7.6 percent followed by Redland up 4.4 percent and Moreton Bay up 3.4 percent. Annual house prices however fell in Ipswich down by 0.9 percent and Logan down by 1.7 percent.

Low interest rates have been a factor in increased buyer activity in Brisbane over the past year with the Reserve Bank meeting for its regular Melbourne Cup Day meeting next Tuesday to determine monthly official interest rate settings. Rates have at the current 60 year low settings of 2.5 percent for 14 consecutive months since August last year - the longest steady sequence since 2002.

Although rates are set to remain at the current level over the remainder of 2014, increased concerns about the current performance of the national economy particular the state of the jobs market are now raising the prospect of a rate cut early in 2015. 

Dr Andrew Wilson is Domain Group Senior Economist Twitter@DocAndrewWilson