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Powering into the holiday season, LJ Hooker has completed a series of simultaneous national auction events, where it settled in excess of $28 million in the last week, showing that auction sentiment is as strong at this time of the year as it ever was.
LJ Hooker national auction manager David Holmes said that events that took more than one property to market have “distinct advantages”.
“Every weekend around the country, hundreds of properties are auctioned onsite,” Mr Holmes said.
“However, bringing a collection of properties together creates an environment of competition and allows buyers multiple opportunities to secure a property.”
Mr Holmes also said that the timing of these events was also the best way to get a result before the seasonal period kicked into gear.
“Auctions create a sense of urgency for buyers and give the agent and home owner a goal to work towards,” the auction manager said.
In the last week, the network saw three major auction events take place, including the Advantage Auctions in the ACT and Auction Extravaganza in VIC and WA.
In Victoria, LJ Hooker Point Cook sold over $7 million in local real estate.
The auction night was the first of its kind in the area and saw 11 properties going under the hammer. All of them sold.
Among the notable ones was the sale of a property in Sommersby Road, which sold for $88,500 over reserve. This was the second time the property has changed hands this year. Four bidders competed for the property.
LJ Hooker Point Cook principal Silvana Masalkovski said that having a clutch of motivated buyers meant the night was a “tremendous” success.
“Auction Extravaganza was the very first in-room auction in Point Cook,” the principal said.
“[It] offered a rare opportunity for a fantastic selection of properties in our area to be showcased drawing crowds of like-minded buyers.”
Advantage Auctions sold $6.7 million in Canberra, with over 200 people attending the event that included the combined efforts of eight LJ Hooker offices.
The night featured three different pavilions, with auctioneers operating simultaneously to offer a total of 31 properties.
A five-bedroom residence in Kaleen was the biggest sale on the night, falling under the hammer for $960,000 with approximately 15 bids.
Director of multiple LJ Hooker offices Matthew Herbert called the Advantage Auction night an “excellent” way to bring 2017 to a close.
“Auction nights are synonymous with LJ Hooker in Canberra; we enjoy giving our clients the opportunity to see a multitude of properties in one event,” the director said.
LJ Hooker’s WA Auction Extravaganza placed $5.1 million of property under the hammer.
LJ Hooker WA regional manager Ken Preston said that a “prolonged, challenging” market had served to increase interest in the event.
“This confidence has been influenced by indications of an improved outlook in the resources sector next year and affordability,” Mr Preston said.
“Days on market are coming down as buyers become more motivated. We actually had two properties listed for the Auction Extravaganza sell prior to the event, which represents the changing sentiment in the state.”
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