-Jul 11, 2024 By City Sales Ltd

The Details You Won't Find Elsewhere: Auction Wrap Blog

Auction Wrap-Up: Serious Buyers, Quiet Market

Yesterday, we had four properties up for auction, and the room was packed. The buyers and vendors present were serious about buying and selling, emphasizing the importance of being in the room to ensure they missed nothing. Despite the crowded room, the auction floor was mostly quiet, with bidders cautiously trying their luck in this current market.

Surprise Pass-In: 6/21 Day Street - Santa Fe We were all surprised when this property passed in, closing out with a declared list price of $599k. However, a heap of happy conditional buyers are ready to seal the deal any minute. With some of the best views in the city, great size, and beautiful presentation, this property is a hot ticket item.

Best Buy of the Year: 1112/9-17 Byron Avenue A lucky buyer walked away with an absolute steal, possibly the best buy of the year. This sale also relieved the vendor from a sticky spot. As we've said before, you never know what's going to happen at an auction—you just have to show up.

Still Available: 402/184 Symonds Street A small crowd of bidders showed interest, but after only two minutes, the vendor declared, "not enough." The unit remains for sale to reasonable offers, needing just a little more than what was offered unconditionally on the day.

Keen to Move: GF/19 Morning Star Place This property also passed in. The owner is realistic after some time on the market and is very keen to move on. This could be a comfortable first home for a small family in a great area. Maryanne Wong is waiting for your call.

Market Insight: The Time to Act is Now As widely reported in the media, the OCR is now expected to drop in November bringing forward the original estimates by almost a year, according to economists and banks.
 
If you're looking for a steal, now is the time to act.
It won't happen overnight, as many will still need to find employment after the rates drop before things return to how they were. But make no mistake—the sun is setting on this buyer's market. These opportunities only come around roughly every seven years. This is the time to buy that everyone will look back on and wish they had acted 'then'.

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