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Sold Straight After Auction

By Peter Hewitt

The lovely house at 5 Chilworth Close Beecroft was sold in the week after the scheduled auction.  The day before the auction, many major newspapers included scary articles about house prices in Sydney being a bubble and likely to crash.  That probably explains why the property was passed in at the auction, despite considerable interest having been shown in the weeks before the auction!  However the newspapers over the next few days were less pessimistic, and buyers returned!  An offer was put in, and accepted by the owner (above the reserve price), and contracts were exchanged.

Conversely the 2 bedroom unit we had posted for auction on 20 June was sold in late May, and the auction was cancelled.

Experience in our area shows that in a normal sales market, many properties are sold before or after auction, and it’s only when the market goes mad, as everyone agrees it did over the last year, that a high proportion of properties sell at auction.

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