On Wednesday 28th of June, we held our in-room auction event at the Catholic Club in Campbelltown.
Three outstanding properties were auctioned, with one property selling prior to auction, one property SOLD under the hammer, and one was passed-in.
Here’s the summary:
APPIN, 10 Kennedy Street – SOLD prior to auction!
CAMPBELLTOWN, 22 High Street – SOLD!
EDMONDSON PARK, 1 Pom Pom Place – Passed-in
JUNE AUCTION EVENT STATISTICS:
- Two of the three properties SOLD at or prior to the Auction event – a 66% clearance rate!
- Our team achieved an average of 18 buyer inspections per property leading up to the auction.
Over the last 4 years of running these monthly auction events, we have found that the auction method is a great way of getting buyers and sellers together for optimum results.
Many of our buyers and sellers like the auction method due to its transparency, and the fact that negotiations are done in front of all parties at the auction event. Other methods of sale are obviously not as transparent, where negotiations are done done behind closed doors. This often leaves buyers and sellers wondering what is happening that they cannot see or hear.
Many sellers still think that auction is the domain of expensive properties, or for unusual properties that are hard to price. This is partly true, however, we also know that auction is broader than this… Properties in low to medium price ranges appeal to a wider audience and attract more competition – and it is these properties that also do well at auction!
If you are considering selling, auction may be a viable opportunity for the following reasons:
- Auction is a method where there is no defined price, allowing competition and negotiation to get you the best price for your home.
- Negotiations are done live, allowing all buyers to see their competition and participate by “bidding”. As a seller, you will also see this process as it unfolds.
- All buyers are given fair and equal opportunity to bid against each other.
- When bids go over your “reserve price” (the lowest price you will accept) and you are “on the market”, at the fall of the hammer the person with the highest bid will own your property and sign the contract.
- There is no cooling-off period with an auction sale – the sale is final.
A big “thank you” to all our sellers from our June event for working with us through the auction campaign. Congratulations to all our buyers on their successful outcomes. Thanks also to our Auctioneer, Paul Casarotto.
OUR NEXT AUCTION EVENT WILL BE HELD ON WEDNESDAY 26TH OF JULY. SEE OUR WEBSITE FOR MORE INFORMATION.