Auction

Results from our 18th March Auction

As with previous weeks, this portfolio attracted good buyer activity.  However, not all prospective buyers were able to meet the unconditional terms of the Auction For Sale & Purchase Agreement.

The portfolio comprised of properties in Farm Cove, Bucklands Beach, Highland Park, Botany Downs, Dannemora, Northpark and Otahuhu.

We had identified bidding registrations for four of the properties.  All four attracted bidding interest and two properties immediate conditional interest.  One sold prior, one sold under the hammer, two sold immediately post auction, one received an immediate post auction offer with negotiations continuing.  One attracted bidding but not to a price level acceptable to the vendors, with two proving at this immediate post auction period to be more of a buyer challenge.

The Headsail room of the Bucklands Beach Yacht Club, the home of Ray White Auctions, again enjoyed a pleasing attendance.  This included people who had registered buying interest, those who had expressed conditional buying interest, as well as 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.

  • 86A Aviemore Drive sold prior
  • 17 Balla Place sold under the hammer for $1,110,000 after thirty very competitive bids
  • 38 Dannemora Drive sold unconditionally to the highest bidder immediate post auction
  • 2/ 352 Bucklands Beach Road attracted conditional buying interest. All buyers were in attendance at auction and immediately post auction three offers were presented to the vendor in a multi-offer presentation, resulting in a sale for our vendor
  • 11C Water Street attracted buyer bidding but not at a price level that the vendor can accept
  • 3 Oakridge Way attracted an immediate post auction offer – we are still negotiating in the vendors’ best interest

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 Programme 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.  However, 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 vendors to make the lifestyle/property change they envisage .

As a foot note – I keep an eye on Australian trends through THE REAL ESTATE CONVERSATION- published by Williams Media, which this week reported:

“With the NSW election to be held this Saturday, we expect auction numbers to be lower again, before improving for the last weekend in March.”

“Agents are reporting continued interest from buyers, although there is no doubt that the market is still very price sensitive and difficulties in obtaining finance continues.”

Melbourne reported similar auction clearance and activity as experienced last week.

Ken Ralph

Auction Services Manager