WHAT HAPPENS WHEN AN AUCTION ATTRACTS 144 BIDS?

SOLD! 79 Rockingham Beach Road

It has been a monumental week for our hard-working sales team, successfully negotiating contracts on no fewer than 10 properties.

While this is massive feat in itself, the finer details are particularly impressive.

Of the properties sold, 6 went for more than $1 million, 3 of them went for more than $2 million, and 1 went for more $3 million.

With such confidence demonstrated by buyers in the upper end, it’s certainly a special time in the market.

We are routinely receiving multiple offers for our properties and our auctions are attracting large crowds and frantic bidding.

3 properties sold under the hammer over the weekend, and 1 auction in particular stunned onlookers. After a whopping 144 bids (no, not a misprint), 170 Preston Point Road, East Fremantle, sold for $2,052,000. This was more than $400,000 above the reserve price.

Similarly, we also saw strong bidding from three main protagonists at the auction for 30 Kitchener Road in Melville with the hammer falling at $703,000.

After witnessing these results, some auction attendees asked us whether an auction is an expensive option compared to selling via private treaty.

The answer will surprise many. Besides the small additional costs for the services of an expert auctioneer (normally around $600), an auction campaign generally costs virtually the same.

And critically, an auction is designed to truly maximise the sale price, which as we saw on the weekend, may be many thousands of dollars higher than expected.