Out of the 713 auctioned properties listed by the REIV, there were 323 sold. Nearly 20% were sold before and I would envisage that double that amount would have passed in and been negotiated after. This still goes down as sold at auction. In fact of the 12 auctions our team attended over the weekend, only 3 sold under the hammer, however, 9 still were listed as sold, as they were negotiated straight after the auction.
It is certainly shaping up as a negotiators market.
Here are some of the properties that we visited over the weekend.
19 Northcote Road Northcote was quoted at $820k – 900k It opened at $820k and was announced on the market at 900k. in total 7 bidders fought out the auction and the property sold for $961k
22 Somerset St Richmond. This was the street that hosted a shooting earlier this year. In fact the shooting occurred just outside this property. It was quoted 650K – 690k. The property opened on genuine bid at $670k with steady but small bidding increments was put on the market at $776k and sold $785k there were five bidders.
2/16 Woornack Road Carnegie .Quoted at $590k – $630k it was opened at $570k with a VB. Small and slow bidding until 1st break at $620k
Not on the market. Slow bidding until $630k and second break.
Whilst still not on the market, the bidding continued and just under $650k it was finally announced on the market. The property sold under the hammer for $656k. There were approx. 6 bidders.
Next week the REIV is expecting 815 auctions next weekend and over 1000 the following.
Ian James
Director
JPP Buyer Advocates
