Pre-Auction Sales Ramp Up
July 30 2021
Swift Buyers Cut Out The Competition
If you’ve attended an auction in the past few months, you’ll be aware of just how hot the action has been as multiple buyers compete for a home on the Gold Coast.
The latest data from CoreLogic reveals that the June quarter of 2021 was the busiest period for auctions in Australia in more than three years.
Some 31,605 homes were put to auction across the country’s combined capital cities in the three months to June, compared with 19,004 in the March 2021 quarter and 32,408 during the last peak period in December 2017.
With multiple bidders registering for auctions in the June quarter, the sense of FOMO (Fear Of Missing Out) and frustration rose in line with property prices.
That experience has seen two types of buyers emerge as prevalent in the current market: those making low-ball offers and subsequently missing out; and those who put their best price forward to close a deal quickly.
Kollosche notes an uptick in properties selling prior to auction as seasoned buyers move to cut out the competition by presenting cash, unconditional offers too good for our vendors to refuse.
A local buyer moved quickly to secure a European-inspried Main River mansion at 18 Binda Place, Sorrento with a strong offer of $4,700,000 enough to take it off the market on Tuesday, well ahead of the planned auction.
Multiple offers on a large estate in the sought-after The Southport School (TSS) precinct saw 4 Greer Terrace snapped up the evening before it was due to go to auction last Sunday. Competitive tension was high among buyers determined to take the 1626m2 holding off the market, with a cash unconditional offer of $2,850,000 enough to seal a deal.
A full-floor luxury apartment opposite Miami Beach at 2/142 Marine Parade caught the eye of lifestyle shoppers with 25 groups through on the first inspection last Saturday. A contract for $3,600,000 was signed within five days of being listed and well prior to the mid-August auction.
A spacious waterfront villa at 2/184 Rio Vista Boulevard, Broadbeach Waters which was destined for auction went under contract for $1,925,000 last weekend while Kollosche Commercial secured a $3,100,000 buyer pre-auction for the last remaining, east facing corner block on the Esplanade in the Redcliffe Peninsula.
For those properties that do make it to auction, competitive tension remains high.
A north-facing single level home on a 918m2 Main River plot at 17 Namatjira Court, Broadbeach Waters attracted 11 bidders registered. Two determined would-be buyers pushed the price well above reserve with the hammer finally falling at $2,510,000.
Kollosche’s auction clearance rate sits at 90 percent from more than 200 auctions in the six months to June 2021. The average number of days a listing is on the market before being sold by our agency is a remarkable 21.
Owner occupiers, interstate migrants, expats and investors remain very active in our local market, buoyed further by news of Queensland having secured the 2032 Olympic Games.
For those looking to take advantage of strong selling conditions, our agents are uniquely positioned to advise you on the best strategy for achieving a premium price. Reach out for a detailed discussion on recent and relevant activity in your neighbourhood.