Why Choose Auctions?

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With a clearance rate above 85% there has never been a more appropriate time to auction your home.

We have more unconditional buyers on the Gold Coast than we have ever experienced, and they are becoming used to purchasing under auction conditions.

It seems that every weekend we are establishing record prices for streets, neighborhoods, suburbs etc.

Interstate buyers are still very active in our marketplace, despite border closures and lockdowns. We are agile digital workspaces in this new unprecedented era, as such, interstate buyers are securely, remotely able to participate in all of our auctions – and they are. At an auction last weekend we had 19 registered bidders, of which 7 were interstate bidders – one of which was the successful buyer.

One of the biggest issues we are facing in this fast-moving market, is that some sellers are concerned that they do not have a home to move into, and there is a genuine fear of becoming homeless. This needn’t be a concern, because you are able to control the settlement period of your sale.

I was with some sellers last night and this was their concern, and they thought that because it was an auction sale they had to have 10% deposit and 30 day settlement – I explained that is not the case, we can make it 60 days or 75 days, or even on or before 75 days, which meant by mutual consent, the settlement could be bought forward if that satisfied both parties.

If you find yourself in the position where you have sold your home at auction and you are looking to purchase a property that is being sold at auction, it is very unlikely you will be successful in taking it off the market with a conditional offer (subject to settlement of your home) prior to the auction, unless the offer price is out of this world. But you can let the agent know that, in the event the property does not sell unconditionally, you are prepared to make an offer immediately post auction which will only be conditional upon the successful settlement of your home – because it is unconditional in every respect.

You need to remember though, in this market – there are no bargains.

I am speaking to Buyers agents every weekend who are pre-conditioning their clients to just go straight to their maximum offer lest they miss out again.

I am meeting frustrated buyers who have missed out on up to 6 properties before they face the music and realise there are no bargains anymore.

The other interesting comment I hear from time to time is when “friends and family” advise their potential bidders – “just wait until the market drops again, then you will save some money”. I think it is very likely that that will never happen in this Gold Coast market. My feeling is that this new pricing benchmark is the new normal moving forward. You can probably expect further growth next year at up to 9% before interest rates and supply increases which will then result in a more balanced market in 2023.

But no price drops – just normal 4-5% growth from there.

So, for sellers – Auction. No need to consider any other method of sale if you are serious about selling for a premium price. Otherwise, how do you know you have achieved a premium price.

  • Auction clearance rate: 85%
  • Average registered bidders: 8
  • Active bidding: 55%
  • Average auction time frame: 3 weeks

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