Real Estate

Private sale fails find super auction success

8 Darvell Lane Mt Eliza
Written by The ReReport
As seen in the Source link, written by on 2019-05-19 14:00:00

Homes that don’t sell at auction are often relisted for private sale, but a savvy sales team has swapped that around the other way.

A Mornington Peninsula agency has converted unloved private sale listings to auctions and is finding success for sellers.

“The change from private sale to auction has worked well for some of our properties,” Nicholas Lynch director Nicholas Lynch said.

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Is this Melbourne’s most stylish beach box for sale?

The large dining and family living area at 8 Darvell Lane, Mt Eliza.

8 Darvell Lane Mt Eliza

This lavish bedroom at 8 Darvell Lane has poolside access.

“Private sale listings that had no buyers have sold well when turned into auctions.”

One such listing, 8 Darvell Lane, Mt Eliza, attracted three potential buyers at its recent auction and fetched $2 million under the hammer.

The lavish house had a price guide of $1.85-$2 million during the auction campaign and it sold to a buyer from the peninsula.

A similar sale was 3/104A Barclay St, Mornington, which had three bidders and a fourth buyer waiting on the sidelines at the auction.

It had price hopes of $700,000-$770,000 and sold for $750,000.

3 104A Barkly Street Mornington

3/104A Barkly St offers spacious living on a townhouse site.

3 104A Barkly Street Mornington

Single-level townhouses are popular among downsizers and retirees.

“Some private sale listings with no success for some time can do better at auctions,” Mr Lynch said.

“We are finding auctions are becoming more popular with some owners and this has been backed by the results.”

While lower clearance rates and softer market conditions have seen auction volumes decline since last year, one peninsula agency, OBrien Mornington, has 70 per cent of its listings go to auction.

“Auctions have been very successful for us and, of the 15 properties I sold over the past 60 days, all except one have sold at auction or one week after auction,” OBrien agent Jye Read said.

“Private listings which have gone stale can do well when converted to auctions.”

87 Richardson Drive Mornington

87 Richardson Drive, Mornington proved a hit with buyers at auction.

Mr Read noted “the best time to auction is when others are not doing it”.

“We have yet to find a property that will not benefit as an auction listing,” he added.

OBrien Mornington will be holding auctions every weekend for the next two months.
It recently sold 87 Richardson Drive, Mornington at auction with four bidders, all first-home buyers, competing.

A crowd of more than 80 saw the property fetch $473,000, which was above the vendor’s price guide of $430,000-$470,000.

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