AUCTIONS HEAT UP AS LOW LISTS FUEL DEMAND

Auctions are again becoming the desirable method of sale as sellers look to get the most value for their homes during competitive market conditions driven by a combination of high demand and low stock

AUCTION activity across Cairns has been heating up with the past week one of the city’s busiest in recent months.

As sellers look to extract the most value out of their homes during a time of high property demand and low stock, auctions are again slowly becoming a desirable method of sale, after lockdowns had led to a point where the Far North went without one for weeks at a time.

In recent weeks, Cairns agents had been urging vendors to consider auctioning their property following competitive market conditions.

Agents were reporting they were conducting silent auctions anyway — with multiple offers on listed properties outbidding each other and buyers missing out on homes due to the competition.

Last weekend Ray White Cairns Beaches was one of the busiest agencies in town with six auctions on Sunday, September 20. It sold three properties under the hammer and had entered into a contract for another after bidding ended.

“We had six auctions and it was the first time this year we’ve done that many,” Ray White Cairns Beaches principal Paul Stirling said.

“We’ve usually done two to four each weekend.

“Every property had a registered bidder and we recorded 48 bids across six properties and that’s pretty good.

“We’re coming into a very active period in the market place and there are a lot of buyers around at the moment, so to create a competitive environment for the owner. There’s no better way to sell a property.

“Auctions will deliver to an owner exactly where the market is so they can make an informed decision on whether to sell or not.”

This is a snapshot of the auction results across the city in the past week. 61A and 61B Kewarra St, Kewarra Beach These two properties at Kewarra Beach’s “millionaire’s row” were offered to buyers firstly in a two-for-one sale.

Marketed as a developer’s dream or perfect for multi-generational living, 61A was ready to move in to, while 61B was the “renovator”.

It was always likely the two properties would attract the interest of multiple buyers with varying views and while 61B sold under the hammer for $385,000, 61A went under contract to an auction audience member “in reserve vicinity”.

This two-bedroom apartment at Parramatta Park did not sell under the hammer, but on Thursday Mr Stirling said he was expecting an offer from a person who viewed the property during the auction campaign “within 24-48 hours.”

Mr Stirling sold these two commercial properties under the hammer on September 20 for $831,000 and $19,500 respectively.

Elite Real Estate Services’ Karl Latham sold this four-bedroom house under the hammer on September 19 for $415,000.

Listed on the market for the first time since 1973, Mr Latham had described the 800sq m property’s shed as the most “epic” residential shed he had seen. He said the detached 150sq m shed was built like a three-bedroom house.

Cairns Property Office’s Kerry Ah Chin auctioned this three-bedroom house on September 19. And Although it was passed, it went under contract with a bidder the following morning, receiving multiple offers.

Property Shop’s Lance Richards sold this twobedroom townhouse under the hammer on September 23 for $110,000. Its new owners are set to enjoy low body corporate fees in a quiet complex of seven properties.

A rare opportunity to purchase two properties in one sale was offered when 61A (pictured) and 61B Kewarra St, Kewarra Beach were auctioned on September 20.