BEST IN THE STATE

We’re proud to announce that out two auctioneers took out the top spots in the hotly contended 2014 WA Auctioneering Championships yesterday!

It was spectacular to see the very best in the state battle it out on-stage in a whirlwind of high-energy auctions, and the quality of competition on the day was outstanding.

However, thanks to their truly exceptional performances, it was our auctioneers who rose above the rest, with Rob Mason taking home first place, followed closely by our Fremantle Branch Manager and Licensee Phil Hayes.

This success highlights our ability to supply our sellers with the best auctioneers in the state in order to achieve the best results week in and week out.

In the past week we were one of the few agencies to have success in auctions last weekend, achieving a clearance rate of more than 66%, which is twice as high as the Perth average of 33% as recorded by RP Data.
 

These auctions bring our total sales for the week to 8. In combination with previous week’s sales, this equates to more than a sale per day over the past month for the company.

With 4 premium properties scheduled to go under the hammer this weekend and the auction books filling solidly for August and beyond, we will continue to deliver outstanding results for our clients.

2014 REIWA Auctioneering Championships

Rob (left) and Phil (right) in action

We're proud to announce that both of our extremely talented auctioneers, Phil Hayes and Rob Mason, are among the top 5 state finalists for the 2014 REIWA Auctioneering Championships!

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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.

SATURDAY AUCTION WRAP - 30 NOVEMBER 2013

Although our “on the day” clearance rate fell this weekend, our overall auction clearance rate remains steady, as the post auction sales continued through the week.

Out of the three offered on Saturday, our under the hammer highlight was at 23 Holdsworth Street, Fremantle, where a piece of Fremantle’s history - and still on a “purple title” - went under the hammer.

Believed to have been built around the turn of last century, No. 23 Holdsworth Street is part of a row of terraces originally constructed to provide accommodation for warders stationed at the adjoining Fremantle prison. If only those walls could talk!

One tactical buyer put himself in the best position to buy here with a combination of bidding and negotiations during the auction culminating in a winning bid of $560,000 which saw the property knocked down - much to the disappointment to the buyers in the crowd who couldn’t make auction conditions.

Trends? Always hard to pick on a weekly basis. Perhaps in some cases, eg for properties disadvantaged by location, supply & demand etc, there’s a need for price expectations to be reasonable in order for a buyer to see opportunity.

Melbourne’s The Age newspaper made the following comments after this weekend’s results - and I think some of this pertains to our marketplace:

“The supply of housing stock in Melbourne is growing quickly, giving home buyers greater flexibility to reject B-grade and over-priced properties. B-grade houses and units (unrenovated, on main roads, or near commercial areas) come second at the best of times, but in this market, which is top-heavy with a pre-Christmas rush of stock, they need to offer fair value to sell.

A key market trend seen since October - fierce competition for A-grade properties, but lackluster interest in properties seen to have faults - appeared to intensify on Saturday.At many auctions, buyers steadfastly ignored the properties on offer, and these were passed in on a vendor bid. But other properties were fought over, attracting six or more bidders.”As usual, however, our Auctions are still providing our sellers with the best way of identifying exactly where the market sits - from there it’s their decision."

And for buyers - we can’t urge you more strongly to get yourself into a position to act. We can help with flexibility in relation to the amount of the deposit required and when the settlement takes place - we just need to know what suits!

Until next weekend,

Phil

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