Auction action on rise

Property auctions are a wellentrenched part of the real estate landscape in southern capitals and auction action is taking off in the Far North with vendors achieving quick sales.

Canberra is the most auction-centric city with the highest proportion of sales by auction – 27.6 per cent, while in Melbourne it is 25.8 per cent.

Only a few properties are offered at auction in Cairns, but that trend is reversing, according to RE/MAX principal Ray Murphy.

“It is no secret that auctions were not really an avenue for sellers in Far North Queensland,” Mr Murphy said.

“They were known in the southern states as the way to move your properties at a great price and in a short time frame – they were known in Queensland for only an avenue if you were desperate to sell, but that’s most certainly not the case anymore.”

He said the pandemic was the catalyst for change.

“We had a fast-paced movement of residents, in and out of Far North Queensland and it opened enormous opportunities for sellers,” Mr Murphy said.

He said since 2020, RE/ MAX Cairns had sold more than 350 properties under the hammer.

“We are not slowing down anytime soon,” Mr Murphy said.

“I believe the auction process is the most transparent and fair negotiation process for buying property.”

He said vendors had a goal to work toward with a set date and a playing field among competitive bidders, meaning the best price was achieved.

“It provides the opportunity to attract more potential buyers, it reduces the days on market and you get bang for your buck from the marketing platforms,” Mr Murphy said.

“Best of all, you sell that day unconditionally.”

He said people bidding by phone or video was increasingly common.

Mr Murphy’s tips for buyers include being confident, finding a prominent spot near the auctioneer, and “have your ducks in a row before the day including finance and a deposit”.

RE/MAX sold 476 McCoombe St, Manoora, for $312,000 after a 26-day campaign.

The agency is holding an auction extravaganza on May 30 at the Whitfield Chapel at 47 Heavey Cres, Whitfield, kicking off at 5.30pm.

Properties going under the hammer include units one and seven at 13-15 Brisbane St, Parramatta Park, a home at 18 Centaur Street, Trinity Park and an adorable lowset Queenslander at 16 Clemson Ave, Edge Hill.