Add CategoryAUCTIONS are increasingly prominent in the Far North property market and old misconceptions about them – such as that it’s a property that needs work – are being buried.
Prestige properties are being auctioned regularly along with niche properties.
For the vendor, one of the biggest benefits of going to auction is the sense of urgency and competition generated, with a shorter marketing and campaign period.
In a seller’s market where competition to secure a home is high, an auction can be a great way to achieve the best sale price possible for your property.
Selling by auction provides reserve price protection and the vendor can set specific terms of sale.
RE/MAX Cairns principal Ray Murphy said it was a myth that you could end up buying a property “by accidentally scratching your nose”, saying buyers had to be registered and should show their bidder number when bidding.
Mr Murphy said auction was the most transparent and fair negotiation process for buying property.
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This property called ‘Nur’ at 53 Cascade Boulevard, Palm Cove will be auctioned by RE/MAX Cairns on January 14. Picture: Supplied
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RE/MAX Cairns co owners Ray and David Murphy pictured at Palm Cove, where they recently opened a second office. Picture: Brendan Radke
“An auction gives the buyer a deadline,” Mr Murphy said.
“All buyer research can occur before the event, including organising finance, so they can be purchase ready on the day.
“Buyers have said that seeing their competition making bids makes it easier to make their own decisions,” he said.
“If the property is passed in, the highest bidder may have their chance, and if the property doesn’t sell, all buyers are in a better position of knowledge to make an offer.
“Best of all, for the successful bidder, it is finite. They own the property.”
23 Trundle Terrace, Whitfield, will be auctioned on December 20 at 5.30pm. The four bedroom, three bathroom home is on a 1,466sq m block. Picture: Supplied
Mr Murphy recommends registering interest well before the auction to stay informed, and do homework including checking out comparable properties for sale and asking the agent for a summary of recent sales.
“I suggest buyers attend other auctions so they are familiar with the process and confident about bidding, and they should ask the agent as many questions as are needed to be confident about bidding on auction day,” he said.
“Buyers can request a copy of the contract, condition reports and other documentation they might like to study, and organise any building inspections, council searches they want.”
He recommends arriving early and registering – the auctioneer cannot take your bid otherwise, and you will need identification to register.
This four bedroom home at 14 Edward St, Cairns North, will be auctioned on December 10.
“If you plan to bid, don’t hide,” Mr Murphy said.
“Find a position where you can hear and be seen by the auctioneer, speak clearly and display your bidder number when you bid,” he suggested.
Mr Murphy said the auctioneer would clearly indicate If a ‘vendor’s bid’ is made on behalf of the seller.
He said buyers had the choice to continue bidding or stop when their limit was reached.
“Buyers who can’t attend an auction have bidding options, which they should discuss with the agent, but to those on hand, I say bid with confidence and don’t be intimidated by others,” he said.
“Stay calm – a chin or cheek rub, a hand to cover a cough or a yawn of a scratch of the nose will not be considered a bid,” he added
This semi-detached duplex at 46 Mazlin St, Edge Hill, will be auctioned on December 13.
REIQ Far North zone chair Tom Quaid said auctions were becoming increasingly popular in the region.
He said for the vendor, feedback from the agent on the price guide was critical at the initial sales appraisal and throughout the campaign and it was a fine line on whether to accept an offer before the auction.
“An auction is ultimately a duel between two or more bidders, each seeking to own your home,” Mr Quaid said.