Beachfront Bidding War
March 31 2023
A rare-to-market home positioned on an elevated block in Tugun far exceeded vendor expectations at auction last week, when a bidding war broke out for the beachfront property.
More than 165 enquiries were generated and 37 inspections conducted during a comprehensive campaign, with 11 registered bidders present at the auction.
The characterful home, owned by the same family for 60 years, holds a prime position opposite the beachfront and set back from the foreshore for privacy.
Bidding started at $3,000,000 before rising swiftly, pushed to the limits by four active bidders. The hammer was brought down less than eight minutes later, with the winning bid from a Brisbane buyer going beyond the vendor’s expectation.
Kollosche continues to post excellent auction results that are well in excess of vendor and wider market expectations. In the past week it achieved a total $22,000,000 in unconditional auction sales across five properties, with an average price of $4,400,00
“You can’t say that luck plays a part in these types of results,” Michael says.
“They come down to extremely well-executed marketing campaigns and they mark the difference between agents who can sell a property and those that can achieve a maximum price for that sale.”
Among them was a family home at 15 Kalimna Drive, Broadbeach, marketed by Matthew Follent and Michael Kollosche, who received 128 enquiries and three written offers before selling the property under the hammer for $3,060,000.
Troy Dowker sold a villa in the exclusive ‘Shoreline on the Beach’ at 2/1285 Gold Coast Highway, Palm Beach, for $2,325,000, while 233 The Panorama, Tallai, a large hinterland mansion sold for $4,120,00 through Brad Coyne, Sam Guo and Julia Kuo.
Robust Clearance Rates
Some heat has returned to the wider auction market after a relatively cool start to the year, with national auctioneering business Apollo Auctions reporting a clearance rate of 77.8 per cent, with an average 40.8 people attending. Of those an average of 3.5 register to bid, with 70 per cent of those active participants.
Kollosche continues to post auction results in excess of the national average, maintaining a clearance rate of 85.71 per cent across the first quarter of 2023.
Apollo reports increased auction volumes in the run-up to Easter, and Kollosche has a further nine properties going under the hammer from today to Good Friday.
Reach out to Kollosche if you are seeking an experienced estate agent to execute a premium auction campaign for your property.