Mega auction a roaring success

By Jo Kennett

BUYING AND selling at auction may sound like a daunting process if you haven’t tried it before, but local agents say it has definite benefits for buyers and sellers, with one local agent selling half their properties at a mega auction recently.

Tate Brownlee Real Estate held a mega auction on Tuesday, January 24 with 15 properties under the hammer.

“More than 50 per cent of properties sold at auction and immediately after, with more sales pending,” Tate Brownlee business owner Kristen Merrion told The Weekly Real Estate.

“Our top seller on the night was 7 Highland Drive, Terranora, selling for $1.48 million.

“We will be having auctions every month. We are auction experts.

“We have a team dedicated to assisting buyers to be auction ready.”

Kristen said that an auction is a transparent sale process “bringing sellers and buyers together, in a public forum.”

“The auction process is the way to go if you engage with an experienced auction agent and auctioneer,” Kristen said.

“The days on market are significantly lower than a private treaty.”

According to First National Real Estate Murwillumbah’s Helen Flynn, selling property by auction comes with various benefits and features, making it quite different from selling by private treaty.

“An auction provides an owner with the opportunity to set a date for the actual auction to take place and therefore provides a structured program for the process of selling,” Helen said.

“There is always a possibility for a sale prior to auction, on auction day, or should the property be ‘passed in’ at auction; it is quite common for a sale to take place post auction.

“Even if passed in at auction a sale can be negotiated later that same day and the auction conditions of sale still apply.

“The most notable conditions of sale by auction (or pre auction) are that the sale is unconditional so the purchaser/s must be satisfied that any improvements are in sound condition and they have the necessary funds or finance to complete the transaction. Following the actual auction day any sale is by private treaty and can be conditional, including a cooling-off period for the purchaser.

“Other features of selling by auction are: competitive bidding at auction can maximise the sale price for the seller.

“The pre-auction marketing period allows the purchaser to make their enquiries on the property – obtain finance, have pest and building reports done.

“It allows for the seller to gain prospective buyer comments and feedback to the marketing agent so that they can position the property price wise for auction day in setting their reserve price.”

Helen is selling a four-bedroom home with a view over the golf course at auction on site at 12 Golden Links Drive, Murwillumbah, at 11am this Saturday, February 4.

“The property will be open for inspection from 10.30am for any interested parties,” she said.

“The vendors of this property decided to auction the property because they wanted a sale within a definite time frame.

“They have relied on a certified valuer’s valuation to set the reserve price as well as buyer feedback.

“The vendors have provided a current pest and building report to assist intending buyers.

“We are looking forward to an excellent result on Saturday.”

Owner of Schmith Estate Agents

Justin Schmith has an open home and an onsite auction this Saturday, February 4, at 65 Cominan Avenue, Banora Point

(open home 12pm, auction 1pm).

The property is a beautiful six-bedroom entertainer that will appeal to buyers looking for a home life of luxury.

Justin says that auctions provide “a transparent approach to multiple offers.”

“Auctions can also give a buyer insight to what the market is doing in particular areas and price points,” he said.

“It’s about confidence and being educated in the process.”