Australia's new auction capital where competition is hot
Australia has a new auction capital, where competition is hot.
Adelaide has emerged as a hornets nest for auctions, where there are more bidders fighting per property than any other city, according to a major agency.
One home in the suburb of Paralowie was recently sold after a campaign that attracted 58 registered bidders.
John Morris, Ray White’s chief auctioneer for South Australia, said there are more buyers than properties available, although there is still fear around the auction method.
The agency’s data shows the number of registered bidders on a home has increased year-on-year from 6.1 to 6.8, and 3.1 to 3.4 (year on year) for active bidders.
“Week after week, Adelaide most frequently boasts the highest registered bidder numbers across Australia, by a country mile. Only a few weeks ago, a house in Paralowie attracted a huge 58 registered bidders,” Morris said in the report.
“Buyers are still wary of the method, but only because they don’t necessarily understand it. The agents who truly believe in the method are able to make the buyers understand that it is an open, transparent way of buying property rather than a secretive private treaty method in which we are not allowed to divulge to buyers what other buyer’s offers are.”
He said the days on market are shorter for homes with an auction campaign, as opposed to a private sale negotiation.
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The appetite for auctions in South Australia has increased over time – now, Saturdays isn’t the only time to send a home under the hammer, Morris said. And it doesn’t matter if it is a mansion or a one-bedroom unit.
“Up until two years ago I would never have conducted a residential auction prior to a Thursday, unless it was an in-room or online auction. Nowadays I have on-site auctions at any time on any day. A monday auction is not the rare occurrence it once was, and I often have auctions seven days a week.”
Properties going to auction in Adelaide
The cottage has retained heritage flourishes, with modern attributes where it counts, including the kitchen, bathroom and laundry.
The auction is scheduled for 4pm on July 3.
The double-storey house is in an area with vibrant café culture, but also has a neat courtyard, off the living zone, for coffee breaks anytime. Parks and trails are also by close.
The hammer will drop at 5.30pm on July 3.
The neat unit is in a highly-sought suburb, with a neat deck at the back and oodles of style – thanks to a stylish reno – throughout.
Bidders will assemble at 12.30pm on July 3.
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