Market Wrap: Auction numbers remain red hot despite the winter chill

If it wasn’t so cold lately when going for my morning run then I think I’d need reminding that it’s winter. We’ve kicked off the cold season with another huge month of auctions with 397 properties going under the Cooley Auctions hammer. We’ve ended this second half of the financial year reaching a record 1,687 auctions, putting us well on track to smash through our goal of 3,000 auctions in 2010.

The residential property market has returned to a more stable environment over the past three months and I believe with fewer properties on the market over winter, we will see results continue to perform well.

We’re now seeing between one and four registered bidders at the vast majority of our auctions and in many cases homes are being sold pre-auction. Here we witness the huge benefit of the auction method of sale. The urgency that the auction creates is bringing the buyer to purchase the property in a shorter period of time, which inevitably helps to maintain our days on market. more info.

Australasian Auctioneers Convention 2010 – Monday 16th August 2010

The Australasian Auctioneers Convention promises to be Australia's most energising one day event in the auctioneering calendar.

Each 'hand-picked' speaker will provide insights regarding all aspects of auctioneering success. You will hear from the top auctioneers in Australasia who will share their knowledge and experience, as well as have the opportunity to interact with other leading auction delegates from around the country. more info.

Sydney Morning Herald Auction Centre launched as our new CBD venue

Thursday 1st July saw the launch of the Sydney Morning Herald Auction Centre. It was an exciting day for all involved and the results were extremely promising.

6 properties were booked to go to auction with one property selling prior to the day. This left 5 properties to go under the Cooley Auctions hammer, 4 of which sold. The 83% clearance rate was not only well above the market clearance for commercial real estate but it was a show of strength for the new venue and testimony of the standard of agencies supporting it.

Amongst the results were two retail investments on Bayswater Road Potts Point, marketed through Warren Duncan of City Commercial Property attracting yields of 7.1 and 7.2%.

Colliers International agent Matthew Meynell sold a leased commercial suite in Erina for $440,000 and a 2,374sqm site at 316 Parramatta Road Burwood with vacant possession for $2,510,000. more info.