How to Win at Auction
August 11 2023
Kollosche continues to achieve ambitious auction sales results despite the wider market, post pandemic, shifting back towards expressions of interest campaigns.
Currently there are only 245 properties on the Gold Coast listed for auction on the prime listings website realestate.com.au, compared with 4,087 properties available through private treaty.
Filter those figures down to focus on the prestige end of the market and auction listings become even more scarce with only 12 houses worth $4,000,000 or more set to go under the hammer, compared with 223 listed through private treaty.
Yet Kollosche has proven that premium sales results can be achieved under auction conditions at all levels of the market, from mid-range homes to top-tier properties.
Sales agents Sam Guo, Julia Kuo and Claire Dai recently took waterfront mega-mansion 59 The Corso in Isle of Capri to auction, in what was considered an unconventional move. The highly successful two-week campaign attracted 10 active registered bidders and achieved a Queensland auction record price of $24,000,000. It remains the highest sale on the Gold Coast this year.
Kollosche principal Michael Kollosche says: “When you are listing a property worth, $7,000,000, $10,000,000, even $20,000,000, there is often a feeling that there isn’t the depth in the market to auction anything at that level, but the results are speaking for themselves.”
Michael, alongside sales agent Eoghan Murphy, sold 8 William Street, Mermaid Beach, under the hammer for $4,420,000, following a targeted digital marketing campaign. Across four weeks, the property attracted 53 enquiries, 53 inspections, one written offer, and three registered bidders come auction day.
In Currumbin, sales agent James Roberts sold 23 Carlyle Drive under the hammer for $1,800,000 after a 30-day campaign during which the team fielded 187 enquiries and saw 92 groups through. Five bidders were registered on auction day.
Although market conditions have stabilised since the heightened buying frenzy of the pandemic, the principal reason for selling at auction remains the same – it is the most transparent method of sale for both sellers and buyers.
In the latest K Series podcast, Kollosche principal Michael Kollosche speaks with leading auctioneer Justin Nickerson, of Apollo Auctions, who explains that while auctions are a proven method of sale, their success lies in a sound marketing campaign.
A well-executed campaign by an agent with experience and proven knowledge of the local market can, Justin says, make all the difference to an auction outcome.
“When we turn up to auctions with an inexperienced agent, anything can happen,” he says.
“The auction is the vehicle and the agent is the driver. If the car crashes into a pole it is very rare that it’s the car that is the problem, it’s the person that is operating it. If a seller has a bad auction experience, it generally comes back to the agent, not the method.”
Justin says the best agents he works with are those that keep their sellers informed and make sure they have a good understanding of the market, while also maintaining a very good relationship with their buyers.
If you are thinking of taking your property to auction, reach out to a Kollosche agent experienced in the auction arena to assist you on your journey.