Auction

Results from our 25 February Auction

Before I report on the 25th Feb Auction Portfolio I would like to refer back to 18 February report, as one of the reasons we have been auction marketing for such a long time, is that auctions each week are a barometer of very immediate real estate activity.

Within one week, five of the nine properties within the portfolio have attracted sales, two are still under negotiation, one we are working with buyer interest, leaving one (a redevelopment section site) still requiring further buyer interest.

So, there is good buyer activity, yes, they are largely conservative/cautious , but never the less we consider that we are achieving very good price results for our vendor clients within a very defined marketing period, acknowledging that our challenge always is to meet vendor price expectations with buyer price expectations.

25 February portfolio comprised of four properties, Golflands, Sunnyhills, Half Moon Bay and Mission Heights.

The Headsail room of the Bucklands Beach Yacht Club, the home of Ray White Auctions, again enjoyed a pleasing attendance, including people who had registered buying interest, those who had expressed conditional buying interest and those who came along to see what is selling and for what price to give an idea of what is happening very currently in the real estate market.

We had identified bidding registrations for three of the properties and all three attracted bidding interest. One sold under the hammer, while the other two reserved their decision.

  • 9B Hedge Row sold under the hammer at $738,000
  • 14 Seneca Court sold post auction to the highest bidder
  • 6 Solstone Place the highest bidder reconfirmed their bid post auction and we continue to negotiate
  • 29 Lisa Rise attracted two conditional offers post auction in a multi offer presentation and we continue to work with one of these buyers

There are always various reasons why potential buyers cannot meet the terms of an Auction For Sale and Purchase Agreement which is a totally unconditional agreement, however, as stated above, we try to work with these potential buyers to attract the best conditional sale for our client vendors.

The goal of our Auction Marketing Programmes is to provide our Vendor clients with an unconditional sale, or after three weeks of marketing there is a base to work with conditional buying interest if unconditional buying interest is not achieved, at or, immediately post auction.

It is also important to note that some vendors are not always able to accept buyer expectations of price for various reasons but auction marketing is a very positive way of testing the market in a defined space of time to determine if the buyers price will enable them to make the lifestyle/property change they envisage.

As a foot note – I keep an eye on Australian trends through – Real Estate Conversation published by Williams media, which this week, again, reported a continued increase in buyer activity and resulting more positive clearance rates particularly in Sydney and Melbourne.

Ken Ralph

Auction Services Manager