In the early 1980s, auctions in Canberra were almost unheard of. Fast forward 30 years to 2012 when Canberra had 600. Within five years the number of auctions quadrupled with 2,500 auctions held in 2017.
This past weekend alone, 75 auctions were held across the city. It’s expected the number of auctions in the ACT will keep growing as local buyers and sellers continue to embrace this method of sale.
For some, auctions can seem daunting and bring on a feeling of anxiety and nerves. But according to John Warren, Sales Agent at Independent Property Group Inner North & City, under the right circumstance, auctions can offer significant advantages when selling your home, which is why more and more Canberra property owners are getting on board.
What is it that makes auctions so lucrative? John shares his top three benefits to selling at auction:
- Create competition
An auction creates a competitive bidding environment. If more than one buyer really wants your property they will start bidding higher, so they don’t miss out. This is especially true if your property has unique or hard to find features that buyers are looking for.
John says the more invested a buyer is in a property, the more competitive they are. When a buyer is competitive, they are willing to bid and ultimately pay more to secure the home.
“Throughout the auction campaign, an agent spends a lot of time qualifying buyers. We focus our attention on the buyers who are showing the most interest, communicating with them throughout the campaign and educating them on the sales contract. We provide them with all the information they need so they are prepared to bid come auction day.”
John believes focussing efforts on these buyers ensures a competitive auction as they become more emotionally connected to a property and willing to bid higher to secure it. Competitive bidding amongst potential buyers means that the selling price often exceeds the expected value of the property, maximising profit for the seller.
2017 was a big year for Canberra. Light rail construction was in full swing, our first tram arrived and who could ever forget Lonely Planet naming our great city the third best in the world.
It was a big year for Canberra property, too. With the median house price surpassing $700,000 for the first time and approximately 37 suburb records broken (source: Allhomes), 2017 saw Canberra sitting near the top of the highest growing capital cities in Australia.
But what does this all mean? And where is the market heading in 2018? We sat down with John Minns, Chief Operations Officer of Independent Property Group and Hannah Gill, Managing Director of Independent Property Management, to find out. Continue reading
Selling your home during the holiday season may initially seem like a terrible idea. After all, who is going to buy a home for a Christmas present? They don’t slide easily into the back of a hatchback, they’re hard to wrap and tend not to fit under the tree.
But we at Perspective happen to believe that the only terrible idea with regard to your property is not exploring all your options, so we’ve decided to help you weigh up the pros and cons of selling your property during ‘the season to be jolly’.
So what are the positives of selling during this busy, yet fun and festive season? You’ll probably be surprised to learn that there are a whole lot!
The only thing bigger than the ratings for the season finale of The Block is the drama, and we at Perspective were hooked watching the late-night painting parties, apparent sabotages and heated body corporate meetings.
Just shy of 2.5 million Australians tuned into Sunday night’s finale to watch the five couples reap the benefits of their hard work. Those looking for high drama and high prices weren’t disappointed.
The auction of Ronnie and Georgia Cacere’s house dropped jaws around the country when it looked like the $2.62 million reserve price would not be achieved. Continue reading
Home is where the heart is, they say. There’s no place like home…all the traditional sayings and adages about home agree that the heartstrings are heavily involved in choosing a place to hang your hat.
Selling a home is considered by many to be one of the most stressful life events, along with divorce and the death of a loved one. Such high stress is associated with not only the sheer organisational challenges that come with moving years of accumulated possessions, but also the sentimental attachment and memories associated with home.
So how does a homeowner deal with the barrage of emotions when the time comes to sell a much-loved home? We spoke to Annie Gregg, whose family farm and acreage property in the rural area of Bywong, just outside Canberra, recently sold to a new owner. Continue reading