What a short auction campaign means for property buyers and sellers

Buyer demand is driving down the length of auction campaigns to as little as 15 days, with many properties not even lasting that long due to successful pre-auction offers.

Leanne Palmer of Belle Property Canberra says three-week campaigns have become common practice.

“This isn’t an agent selling strategy, but a trend dictated by buyers, perhaps through a fear of missing out at competitive auctions,” she says. “And that’s a result of a strong buyer market with reduced stock.”

Palmer says many properties are not lasting until their auction days.

“Keen buyers are making early offers in the attempt to secure a property to avoid a competitive auction,” she says.

“If we receive multiple pre-auction offers after the first open house, then it makes sense to bring the date forward to make the most of strong interest.”

Miriana Cavic of Luton Properties Manuka says their average campaign length is now around three weeks.

“And we’re seeing an average of around four bidders, which makes for very competitive auctions,” she says.

“We’re usually seeing these keen buyers very early in the campaign and know they will be there on the day.”

Cavic says potential buyers need to ensure they have pre-finance approval before bidding.

“That process can take two to three months. You need to have it in place and know your limit,” she says.

“And let the agent representing the property know your level of interest in case there’s an opportunity to make a strong offer before auction.”

• Money talks. Ensure you have pre-finance approval with a contingency ahead of expressing interest in a property. The market is moving fast – you have to be able to “show the money”.
• Make friends. Foster open and frequent communication with the agent representing the property. Create a relationship where they’re keeping you informed if there’s a chance it may sell before auction.
• Honesty policy. Be frank with the agent as to your level of interest. Information and transparency is a two-way street. An agent can’t help if they don’t know your needs and priorities.

Allhomes’ top pick upcoming auctions:

Narrabundah

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Take a step back in time to 1960 and enjoy this lovingly restored mid-century gem in Narrabundah.

This four-bedroom home enjoys all the modern conveniences, but they have been seamlessly integrated to maintain an authentically retro feel.

Number 34 is located in leafy Carnegie Crescent and overlooks a tree-lined street from an elevated position that takes in eastern views to the hills.

The home shows off its modernist provenance from the kerb with flat and angled rooflines, bold brickwork and inspired ironwork.

Inside, Tasmanian oak polished floorboards are complemented by parquetry flooring to the entrance and hallway. Natural timber is a strong visual motif within the home, including window and doorframes and raked ceilings.

A spacious, upgraded kitchen offers a functional and inviting space for family dining and entertaining.

The master suite – including en suite – enjoys a rear-of-home location and overlooks the picturesque gardens. There are three further generous bedrooms.

The family bathroom is very cool with duck-egg-blue pedestal, bath and other highlights.

There’s ample storage inside and out, including a cellar, lock-up basement garage, workshop and garden shed.

Landscaped gardens offer plenty of space for children and pets.

This sought-after location is close to shops and is in the catchment for many quality schools including Telopea Park, Narrabundah College, St Clare’s and St Edmund’s colleges, Red Hill Primary and St Bede’s Primary.

Price guide: $1.1 million +

Auction: 9.30am, February 20

Agent: Belle Property Canberra, Leanne Palmer 0400 545 343

Or try these:

Campbell

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Price guide: $1.65 million +

Auction: 1pm, February 20

Agent: Luton Properties Manuka, Miriana Cavic 0409 366 266

Griffith

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Price guide: $1.7 million +

Auction: 10am, February 20

Agent: Luton Properties Manuka, Sophie Luton 0410 750 413

Lawson

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Price guide: $1.3 million +

Auction: 12:30pm, February 20

Agent: PRD Canberra, Alex Wang 0402 169 387