With a crowd turn-out of more than 120 on the day, RE/MAX auctioneer Dene Tucker was confident he would see some competitive bidding for the rare 2000m2 vacant block, five minutes from the water in bayside Birkdale.
“There had been nothing like this block come on the market for six years and there was nothing like it for sale in a ten-kilometre radius,” said Mr Tucker.
“The opening bid was $365,000. It jumped to $500K, $600k, then went ballistic. There was no time to call the full figure. They were firecracker bids, coming that fast.”
The property, marketed by RE/MAX Bayside Properties, sold to a determined local buyer for $892,000.
“He was one of the 75 enquires we’d had prior to auction day and he’d done his research.”
Of the 24 registered bidders, 13 had registered to bid on the day confirming Mr Tucker’s observation that land auctions often attract buyers who haven’t made previous enquiries. The sole phone bidder turned out to be the underbidder, also fueling his belief that not being present to bid can sometimes put a bidder at a disadvantage.
“Emotion on the day is a powerful motivator and a huge part of how an auction plays out.”
Mr Tucker handled all enquiries in the lead up to the auction, giving him a unique perspective on the campaign from start to hammer fall.
“In my 6000-odd auctions, I’ve never had that many buyers register to bid on one property. It was also the biggest crowd I’d seem for quite some time.
“The enquiry level, feedback prior to auction and the outcome totally highlight that competition at auction pushes the price up,” he said.”
Lyn Cox, RE/MAX Australia public relations – M. +61 418 793 096
About RE/MAX: From a single office that opened in 1973 in Denver, Colorado, RE/MAX has grown into a global real estate network with more than 134,000 sales associates in more than 110 countries and territories. Its entrepreneurial culture affords its agents and franchisees the flexibility to operate their businesses with great independence.