All About Auctions!

Welcome to Wright Place’s first e-newsletter. These weekly newsletters are aimed at being informative, providing information that may be of value to you; covering a diverse range of property-related topics as well as information relevant to our local community.

Firstly, I personally want to thank the community of Mount Coolum for embracing and welcoming Wright Place; since opening early this year, I have been overwhelmed by the positive response from residents and visitors to the area. Prior to opening my own agency, I have been servicing this area as an Agent for over seven years, and have achieved great results for my sellers, including setting street and suburb records … I look forward to setting many more.

This week we will talk a little bit about Auctions.

What is an Auction?
An Auction is essentially marketing your home without a price. A deadline is set (Auction date) and all interested parties publicly bid in a competitive and transparent environment on Auction day, and the highest bidder, provided it exceeds the reserve (which cannot be disclosed), successfully purchases the property. It is market forces working at their purest; and is one of the most effective methods of extracting the highest price.

Auctions are becoming increasingly popular in Queensland, as buyers and sellers become more comfortable with the process.

What are the key advantages?

  • You cannot undersell by incorrectly pricing, i.e. underestimating what market is prepared to pay;
  • Creates competition to drive up the price;
  • Creates urgency –  creates a deadline for a buyer to make a decision, and the short campaign time, generally 4-6 weeks also gives the seller a deadline too, and a sense that something is happening, and they are moving forward;
  • Results – Auction campaign results are very positive, if a well marketed property with a realistic reserve does not sell at auction, it normally sells very soon after.

Bidding at Auction

Click here for some helpful information compiled by Australia’s leading real estate marketing website. Please note, in Queensland it is illegal to give a price guide. If you have any questions about the Auction process, I am happy to discuss with you personally.

Enjoy the rest of your week.