Auction draws a record crowd and price

THE auction process is alive and well judging by both the attendance and the outcome of the “in rooms” auction at LJ Hooker in Toowoomba.

THE auction process is alive and well judging by both the attendance and the outcome of the "in rooms" auction at LJ Hooker in Toowoomba.

What was on offer was a well positioned 1241sq m block of vacant land at 19 Crown St with a current DA.

This dress circle address had a unique appeal to a broad range of buyers and was reflected in the markets response to the sale process.

"We were forced in doors by the weather but despite that the turnout on the day was enormous with 35 people in attendance and 15 registered bidders most of whom were actively bidding for the property," said Pam Hosking, marketing agent from LJ Hooker Toowoomba.

"The atmosphere in rooms was electric when the auctioneer opened the bidding and we knew we were in for a treat."

LJ Hooker auctioneer Michael Hosking added "We opened well below the reserve, but that was quickly left in our wake as the momentum of the bidding continued to build with each call. In the end the property was sold under the hammer at $520,000 which was significantly higher than the reserve and was a fantastic outcome for all concerned.

"The sale price reflects a square metre rate of in excess of $428 which is a really high water mark for vacant residential land in the Toowoomba market place and highlights the tightening supply of vacant land in the city."

It is simple auctions work and this result proves that the combination of effective advertising in the Domain, excellent online exposure and a proactive marketing strategy from a committed agent will deliver the goods.

For further information or advice call LJ Hooker Toowoomba on 4688 2266.

Originally published as Auction draws a record crowd and price