Auction days come to fore

AUCTIONS have come into their own as a way of determining a fair price for property in a buoyant market.

SUNDAY SERVICE: The auction of the former Catholic school now a residential property at 3 Church St, Pomona, drew a good crowd and bidding.

The Noosa property market has been enjoying a good run as interstate buyers understand what is on offer.

It has been described as a "fair'' market in that both buyer and seller have been happy with the outcomes.

While prices have not changed much, the time properties are on the market have dropped significantly.

To better understand where the price of a property sits in such buoyant markets, auctions are a great way of determining the sale price.

We saw a good variety of properties taken to auction last week. Yet in a way it was a forerunner of what is lined up this weekend.

To Michael Robinson of Raine & Horne Noosa Hinterland, it seemed as though thousands were in attendance for the auction of 3 Church St, Pomona, last Sunday.

"The grounds were packed, many more people than we expected came to watch the 2018sqm property go to auction,” Michael said.

"There would have been at least a hundred and also five registered bidders.”

The former Catholic school building that has been converted to a residential property sold for $650,000.

This weekend the Tom Offermann Real Estate team continue their energetic start to the new year with a second round of school holiday auctions. These include exquisite properties on the beach, the river and the canals.

Principal Tom Offermann said the market conditions favour individual auctions on-site in this market.

"On the surface, auctions appear to be a fairly simple process,'' he said, "and while most companies offer them, it can make a big difference if that the agent has had the training to unleash the full potential of a competitive auction environment.

"Buyers are also embracing the auctions as much as sellers, because it's fully transparent and provides a clear outcome quickly.

"Overpaying at an auction is limited to the amount between just the last two bids. In private negotiations you can never be this sure.''

While most auctions are attracting competitive bidding in this market as well as good crowds, it is important to remember they are a three-part process. The outcome remains as much dependent on the marketing program before the event and the negotiations by the agents afterwards as bidding activity on the day.

Put simply, there is nothing quite like the energy and emotion generated at a good auction, especially that moment when the property is declared to be "on the market''.

Auction Action

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