Auction

Results from our 13th May Auction

The 13 May 2019 portfolio comprised properties in Farm Cove, Eastern Beach, Bucklands Beach, Golflands, Shelly Park and Dannemora. As always, the Headsail room of the Bucklands Beach Yacht Club, the home of Ray White Auctions enjoyed a pleasing attendance. This included 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.

The “highlight” of the evening was the ‘under the hammer’ sale of 10 Gillard Place at $1,950,000, with the buyer securing an immaculately presented, stylish home in a very sought after neighbourhood. A number of properties within the portfolio attracted bidding, though not at a level to meet vendor perception of price to allow an ‘under the hammer’ sale.
However, at the time of writing this report there has been very positive activity, with sales completed for both 14 Brooke Ridge Rise and 23 Hinckley Court. We continue to work with identified buyer interest for the remaining properties to try and achieve vendor price expectations.

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. Nevertheless, 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 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 buyer’s price will enable them to make the lifestyle/ property change they envisage.

As a foot note – I keep an eye on Australian trends through reports published by Williams Media, which this week reported the headline, “Election uncertainty leaks into auction market as buyers and sellers await result.” The last weekend before the federal election put any hopes of a further rebound from the Easter/Anzac Day public holiday to rest, as volumes decreased across the capital cities. Real Estate Institute of NSW President Leanne Pilkington said agents were reporting good numbers through open for inspections, the looming election was “slowing peoples decisions” around moving down.

Ken Ralph
Auction Services Manager