Pre-auction

<html><body><div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>Both Melbourne and Sydney yet again returned a preliminary weekend auction clearance rate above 70 per cent.</span></p>
<p><span>Sydney had the priciest outcome with a $4.75 million Tamarama sale (above).</span></p>
<p>Dean Parkinson, founder of the Honeywagons fleet of makeup vans and his wife, Deborah, secured the pre-auction result after McGrath agent Simon Exleton had 110 people attend the open for inspections.</p>
<p>Parkinson, who has lived their 35 years, engaged architect James Grose to modernise the home in 1998. </p>
<p>The Kenneth Street home, which had a $4.25 million guide, was sold to a Bondi entrepreneur.</p>
<p>Sydney's $1.32 million median house price sale was higher than Melbourne which saw a $852,500 median, and a $2.825 million top sale at Newport, according to Domain.</p>
<div class="page" title="Page 1">The national capital cities returned a preliminary auction clearance rate of 68 per cent, consistent with late July results, CoreLogic reported.</div>
</div>
</div>
</div>
</div>
<p><span>The week also saw a similar number of auction, with 1,100 capital city homes taken to auction.</span></p>
<p><span><img src="https://www.urban.com.au/images/2019/8/5/AUGUST%203%20Auction%20Results.JPG" alt=""></span></p>
<p><span> Year-on-year figures continue to see clearance rates trend higher while volumes remain lower each week, Kevin Brogan, the CoreLogic auction analyst noted.</span></p>
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>There were 500 Melbourne homes taken to auction this week, 73.3 per cent of which </span>sold, up on the 71.7 per cent final auction clearance last week when volumes were slightly higher at 544.</p>
<p>Melbourne's top $2.825 million sale was <span>44 Alma Terrace, Newport, four bedroom house that sold through Greg Hocking Elly Partners.</span></p>
<p>It was listed with a $2.45 million to $2.65 million price guide. </p>
<p><span>Architect Tina Lindner modernised the home behind its classically Californian bungalow style home set in landscaping by Acre Design Studio.</span></p>
<p><span>Its rear pool went in only last year after a $25,000 cost application went into the Hobsons Bay local council.</span></p>
<p><span>Melbourne had the nation's cheapest auction when $353,000 was paid at Forest Hill, in the outer eastern suburbs.</span></p>
<p><span>The one bedroom strata villa was sold by Woodards Blackburn at 1//9 Morloc Street. The price guide had been $330,000 to $360,000, having last sold at $295,000 in 2010.</span></p>
<p>Volumes were relatively steady across Sydney, however it returned a lower week-on-week clearance rate.</p>
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>There were 381 homes taken to auction across Sydney returning a preliminary auction clearance rate of 74.8 per cent, lower than the 75.7 per cent final clearance rate the week prior when 394 auctions took place.</span></p>
<p><span>Across the smaller auction markets, volumes increased across all cities with the exception of Tasmania. </span></p>
<p><span>Brisbane was the best performing according to preliminary figures with 54 per cent of homes clearing at auction, while only 28 per cent of Perth homes sold.</span></p>
<p><span>Brisbane's top sale was $1,746,000 at Holland Park. The five bedroom 24 Percival Terrace was sold by Belle, who advised it was <span>$146,000 above reserve.</span></span></p>
<p><span>It last sold at $1,453,000 in 2016.</span></p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
<p><span><span>Set on a large 1,176sqm block, the home has views</span><span> across the city to Mount Cootha and the Glass House Mountains.</span><br></span></p>
<p><span><span>There were six bidders who registered to secure the offering.</span></span></p>
</div>
</div>
</div>
</div></body></html>

jchancellor-FAypfDUnLy

Pre-auction Tamarama sale tops weekend auctions

<html><body>
<p>Selling before auction has been a marked trend this autumn as a consequence of the new listings landscape across Sydney.</p>
<p>In fact, on many Saturdays this year, the number of sold before auction outcomes has exceeded the number of property that have sold under the hammer on the day.</p>
<p>It makes good practice to for both vendors and buyers, and their agents, to give consideration to doing the deal ahead of auction.</p>
<p>The trend is an emerging response to the fact that there are fewer buyers in the market, and the lack of their urgency, but it is not necessarily a reflection of desolate buyer interest.</p>
<p>It also reflects the anxiousness of agents and vendors prepared to take the likely best offer when it's presented rather than the risk of the auction falling flat and facing an extended period on market.</p>
<p>The pre-auction sale trend also turns up in the heat of the boom when long suffering, would-be buyers put in bullish offers that likely exceeded anything from rivals at auction.</p>
<p>But most auctioneers now report that there's typically been one or possibly two registered bidders at auctions. </p>
<p><span>As always, it is important for the vendor and agent to monitor and discuss any pre-auction interest to ensure the likely best outcome is achieved.</span></p>
<p><span>The agent ought be be in regular contact with the vendor on the depth of buyer interest, and in these tougher credit times, on the state of the buyer financial preparedness.</span></p>
<p><span>There's no point giving too much credence to an offer if the buyers hasn't been through the rigours of getting bank approval. </span></p>
<p>Of course, the smart buyer is going to try to find out the vendor's motivation for selling and how much competitive interest there is in the property.</p>
<p>It is possible an agent can engineer a Dutch auction in the days before the auction, where potential purchasers end up making blind bids prior to the property going to auction. But these are not that common in the current market.</p>
<p>Time can be another key factor that makes vendors rethink going all the way through to auction.</p>
<p>Some vendors may have already found another property, and will be keen to sell quickly.</p>
<p>A typical four-week auction marketing campaign - and sometimes they are five weeks given the lending landscape - can seem an eternity.</p>
<p>Buyers who demonstrate to the vendor and the agent that they’re interested, i.e. attending several of the open inspections and doing a building and pest inspection report, are signals that set them apart from the rest.</p>
<p>Putting a decent offer in writing then forces the vendor to focus on the offer. It is doubtful buyers are going to accomplish a pre-auction deal with a lowball offer.</p>
<p>And making it more enticing might include offering a short settlement period; a bigger deposit and waiving the cooling-off period that comes with private treaty deals.</p>
<p>Sydney currently has 30,000 listings, according to CoreLogic, although the bumper list reflects more unsold stock than fresh offerings.</p>
<p>Fresh offerings are down 18% on the same time last year.</p>
<p>Private treaty listings are needing to be discounted by around eight percent to secure a sale, with its typically taking 40 days.</p>
<p>This time last year there were 27,000 listings, taking 31 days to find a buyer at a six percent discount.</p>
<p>Auctions therefore remain a viable proposition for many vendors despite the prevailing gloomier than necessary headlines.</p>
</body></html>

Pre-auction

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Pre-auction

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News