oc | Tuesday 31st March

OMG – We didn’t expect that

Today was a really good day – it was exciting.

It was back to the good ‘ol days and even though 1/2 our business is buying (the other 1/2 is selling management) we really enjoyed it out there today.

The good news is; if this keeps up, then the word may get out and we may see more and more sellers willing to come to the market, which will also mean more quality opportunities for buyers.

The future news will then be. How will the market handle any increased stock levels? It’s an unknown but we’re starting to think the market will handle it OK.

Today we are trialing video blogs to keep you informed on where the market is at – both off-market and on market. These are all real cases, all happened this last week and are geographically diverse. They are not cherry-picked AND being at $2m, $3m, $4m, $5m and $6m, they also provide an excellent price spread.

Yes, a $4m, $5m and $6m went to auction today and all three sold under the hammer! WOW – we didn’t expect that.

So sit back, crack open a sparkling and check out three examples from three great auctioneers, Stephen “Opera” Smith, Scott “Pretty Boy” Patterson and Justin “The General” Long.  You can see more auctions and more of the auction videos on our socials (Instagram, Facebook and Twitter).

It was good fun out there today – it was exciting  – and welcome to Maddie James who delivered her first three auction reports below.

Hope you had as good a day as we did.

Withdrawn before auction prior to the Winter break on a quote of $6,500,000 to $7,000,000. Re-offered for auction today on a quote of $6,000,000 to $6,500,000. Sold under the hammer at $7,050,000. Strong.

Video Auction Report

Auctioneer Justin Long began with a vendor bid of $5,900,000. After a brief pause, the first bidder came in at $6,010,000. Following a half-time break, a second bidder joined in with a bid of $6,050,000. At $6,650,000, Mr Long went inside to discuss progress with the vendors, where they concluded that the house was indeed on the market.  Both bidders battled it out with bids increasing by $50,000 before dropping to $20,000. This family home was sold to the opening bidder at $7,050,000.

Open: $5,900,000 VB

On the Market: $6,650,000

Bought: $7,050,000

Bidders: 2

Crowd: 40

Click to hear James Quick Rate

This was basically land value – huge crowd and 4 bidders. With a new home on it – similar to its neighbours on either side – it would then have a total investment of well over $8 million. Sackville Ward and the Asian influence are seemingly returning. Strong bidding.

Video Auction Report

Straight off the bat, the first bidder opened at $4,800,000. A vendor bid of $4,850,000 was then introduced by auctioneer Scott Patterson. After he returned from a discussion with the vendors, Mr Patterson encountered a second bidder at $4,920,000. With bids of $10,000 being placed between the two bidders, the Edwardian/Californian bungalow styled home was on the market at $5,100,000. A third bidder then entered the battle at $5,630,000 and it seemed to be the end of the auction. However, a 4th bidder arose at $5,710,000. This home was sold to the third bidder for $5,731,000.

Quoted: $4,800,000 to $$5,200,000

Opening Bid: $4,800,000

On the Market: $5,100,000

Bought: $5,731,000

Bidders: 4

Crowd: 120

Click to hear James Quick Rate

At Easter this would have been a dead auction – the bidding really surprised us.

Video Auction Report

Auctioneer Stephen Smith started off with an opening bid at $4,500,000. This was followed by the first bidder at $4,550,000. A second bidder then entered the fray at $4,600,000 where bidding continued until to $4,875,000 before Mr Smith consulted with the vendor. Shortly after the break, a third bidder came in at $4,885,000 when the house was declared on the market. Quickly after that, the house was sold for $4,950,000.

Quote: $4,500,000 to $4,950,000

Opening Bid: $4,500,000 VB

On the Market: $4,885,000

Bought: $4,950,000

Bidders: 3

Crowd: 20

Click here to hear James Quick Rate

We reckon it’s about 50/50 between On and Off-market deals.

Mentone Off-market bought and sold – video report

Off-market bought and sold – video report

Malvern East Off-market bought and sold – video report

Look out for the Off-market magazine in your letterbox/website in 2 weeks.

The market on low stock has started with an early Spring lift, but it’s still short of cash compared to 18 months ago.

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