Canberra agents say go hard and go early on pre-auction offers amid low clearance rates

Fear of missing out, also known as FOMO, is an emotion that drives many buyer bids at auction, but that winning deal can be sealed before the big day through a strong, early offer.

Miriana Cavic, of Luton Properties Woden, says many of her vendors are prepared to consider pre-auction offers for potentially quicker sales.

“It also appeals to buyers as they believe it’s a chance to purchase at a competitive price,” she says.

“The reality is that it’s rare for that serious interest in a property to be restricted to one potential purchaser.”

Cavic says the first two weeks of any property marketing campaign are invested in gathering feedback on the number of potential buyers and their views on price.

“After that, we let them know that strong pre-auction offers are invited and then assess what comes in,” she says.

Cavic says she favours a deadline-driven best offer.

Dan McAlpine, of Belle Property Kingston, says there’s a strong case for pre-auction offers in the current climate.

“Sellers should absolutely consider them with clearance rates now hovering around 50 per cent,” he says.

“A strong pre-auction offer can provide more certainty than at auction where only half the properties are being sold on the day.”

McAlpine says sellers should consider offers as the opening gambits in negotiations that could eventually exceed their expectations.

“We had an occasion recently where a home that was subject to pre-auction offers eventually sold for $260,000 above the opening bid,” he says.

Beat the odds:

Express sale. A strong early offer could mean a home spends less time on the market than it would during a traditional auction campaign. That also means fewer open homes and less stress.

Exceed expectations. Opening up to early offers doesn’t necessarily turn the negotiation in favour of the buyer. If there is more than one, then spirited counter offers could realise a healthy sale price.

Certainty. Auction clearance rates are hovering around the 50 per cent mark. That effectively means a one-in-two chance of a property selling at auction. An early offer equals a bird in the hand.

Allhomes’ top pick of homes going under the hammer:

Forrest

22 Somers Crescent

Price guide: $1.95 million+

Auction: 6.30pm, December 5

Agent: Luton Properties Woden, Miriana Cavic 0409 366 266

4 bedrooms, 3 bathrooms, 2 car spaces

Canberra’s love affair with modernist architecture continues to thrive, and this popular style seems to act like an ever-refreshing touchstone on our evolving lifestyles.

Part of that appeal undoubtedly lies in its simplicity: clean, geometrical lines delivering basic forms and shapes. Then there is its focus on functionality: a floor plan that flows efficiently and effectively, providing an effortless connection between indoor and outdoor spaces.

Number 22 Somers Crescent in sought-after Forrest makes an unambiguous claim on its modernist roots with a front facade that presents like two interlocking cubes, one atop the other.

The interior continues another hallmark of modernist influence: a tight colour palette combined with a streamlined selection of materials with a focus on glass and timber.

This restraint in building materials and colour scheme contributes much to the success of this home, but there can be no underestimation of its commitment to quality in the selection of fixtures and fittings.

The home chef will be inspired by features that include an integrated fridge-freezer and dishwasher. The invisibility of these kitchen “engines” strongly contributes to the continuity of clean lines and minimalist aesthetic.

This home will strongly appeal to families, but the ground-level location of the master suite will also resonate with downsizers. Three further bedrooms are upstairs.

Al fresco entertaining is enjoyed under a timber-lined ceiling and the resort appeal is completed with a solar-heated pool.