Independent Real Estate Auctioneer, Estate & Downsizing Specialist. Trainer at REISA
Another extremely strong weekend in Adelaide as a shortage in stock & motivated buyers saw a personal clearance rate for AJ Colman Professional Auctioneer of over 75% last weekend.
Starting at Morphetville with 18 registered bidders we offered an old house on a massive 860 m2 allotment ripe for renovation. With Marion councils new regeneration policy bidders were competing very strongly and the property sold for $652,000. That related to $758 per square meter (More than what buyers were prepared to pay a couple of weeks ago for a 1400m2 redevelopment site at Springfield. The buyers only saw $716 per m2 value on that weekend). This shows being able to create multiple titles on the site is far more sought after than demolish and rebuild a single home, even in a highly regarded blue chip suburb.
Next up saw a neatly presented mid century Basket Range home on a corner site where the original back yard had already been cut off, sold and developed. We only had 2 bidders and after intense negotiation sold the property for $560,000.
In the car and a mad dash to Kent Town (arrived just in time due to the Clipsal 500 road closures) A beautiful 2 bedroom apartment was offered under the hammer. This property is quite unique and only attracted a small crowd. After holding over the property we now go to the market with a price. The importance of the auction process with this property is that the vendor saw first hand where the market was positioned and is moving forward with the right price to ensure a timely sale over the next couple of weeks.
A quick sandwich stop and it was off to the Western Suburbs to complete my day. My 3:30pm auction was sold prior to auction for a fabulous price and the vendors were ecstatic so only 2 auctions remaining to complete my hectic Saturday.
Port Adelaide was next, again a very unique property which had limited interest and no bidder registrations meant we went to the third phase of the auction campaign and put it on the internet with a price. Interesting council zoning & unusual layout which will be perfect for the right person. It will just take a little more time to find this buyer.
Ottoway was my last auction for the day. With a pre auction offer of $350,000 the vendor decided to proceed to auction. Multiple registered bidders saw this property sell to the buyer who put forward the offer prior to auction for $372,500. Which was an excellent result and put an extra $22,500 in the pocket of the vendor for being patient and believing in the competitive auction process.
Sunday was an interesting day as Semaphore & Salisbury Heights auctions were both sold prior. Goodwood was my only auction call for the day. A sensational symmetrical cottage with off street parking, a mere 1 km from the edge of the CBD. Whilst the agent was a bit nervous in the week leading up to auction day I remained strong, positive and have faith in the auction process. 15 minutes before auction time we had a crowd of 100 people and 9 registered bidders (2 of which only saw the property on the day or the day prior to auction) Lots of action, fierce bidding selling for $740,000 exceeding the vendors reserve by $80,000.
An interesting weekend showcasing the power of auction, sometimes it’s not just about lots of bidders and bidding, it’s about an unconditional contract, aligning vendors with buyers and the most satisfying result is putting an extra $80,000 – $100,000 in a vendors pocket which for most people is life changing
Thanks for reading my weekend auction recap, please look out for next weekends report on 6th March.