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Strong Winter auction results exceed expectations Last night saw some brilliant results at the Double Bay Auction Centre. Auctioneer Damien Cooley took six properties under the hammer and sold four. Of particular interest was 4/57 Ocean Avenue, Double Bay, marketed by Tim Pockley and David Roderick of Pockley & Roderick. Found on the first floor of a small building set back from the street, the spacious unrenovated two bedroom apartment features a lock up garage. A total of 13 bidders registered for the auction and the reserve was set at $650,000. With an absentee vendor and plenty of nervous bidders, the bidding started slowly at $500,000. Things started to move along in $10,000 increments and slowed to $5,000 and $1,000 bids. After a huge 92 recorded bids, the hammer fell and the property sold for $866,000, a whopping 33% above the vendor’s written reserve price. Damien Cooley comments "I just don’t understand why you would sell your home any other way. If this property was for sale at a specified price it would have sold in the first week, the agency would have been thrilled at selling it so fast and, yes, the vendor would have been happy. However by taking it to auction its true market value has been realised and a result has been reached that no private treaty negotiation would have achieved. The benefit of the auction process is that it gives vendors the opportunity to realise a premium result within a structured sales plan. It also gives agents a chance to increase their profiles, meet more prospective vendors and create urgency around their listings." Other results included a 95sqm one bedroom apartment in Newcastle Street, Rose Bay, marketed through Eastern Suburbs Property Group director Scott O'Connor. It sold for $590,000, well above the vendor's expectations and written reserve price. With the number of listings becoming even scarcer during August we are expecting these strong results to continue, driven by demand exceeding supply. The recently released unemployment figures were better than expected and interest rates are at their lowest since the 1960's. These factors, among others, give us a good start for the property market heading into Spring and I am confident that we will finish with a bang in 2009. The agents that are doing the hard yards today with their prospecting are the ones who will prosper in Spring. Why not attend our upcoming sales seminar, List Sell Negotiate, featuring brilliant Melbourne agent James Tostevin on Tuesday 11th August. Click here for details. Damien Cooley |
