Auctions Point to Property Revival

Sunshine Coast Daily (Maroochydore, Australia), November 13, 2008 | Go to article overview

Auctions Point to Property Revival


Byline: Rebecca Marshall rebecca.marshall@scnews.com.au

AUCTIONS are traditionally good indicators of the health of the current real estate market. And after a short period of near-flatlining, the thermometer is now starting to rise as the market heats up again.

This week Century 21 and Ray White held two in-room auctions where 10 properties sold for a total of about $8.35 million, including a unit in the Platinum building which fetched almost $2 million.

"We had 11 properties at our event on Tuesday night," said principal Damien Said.

"Two sold prior to auction, two sold under the hammer, one sold (yesterday) and two more are in negotiation.

"We had almost 80 people there, 23 registered bidders and there was good activity.

"Confidence is definitely coming back from the buyers. We are getting more and more registered bidders at our auctions.

"Buyers and sellers have that air of optimism about them again and that's from all sectors, investors, first home buyers and at the top end."

He said Century 21's auction clearance rates were about 50%, up from 40% five months ago.

A new online auction system was trialled for the first time at this week's event.

About 200 people watched the auction happen online from as far afield as the US and UK. …

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