By GEORGIA WESTGARTH
WITH close to a century of combined knowledge these three local auctioneers agree that taking advantage of the current market and Berwick’s location and charm pays dividends at auction.
George Findikakis from Eview South East said Casey vendors often opted to sell at auction once they had had the auction process thoroughly explained to them.
“I’d lean towards an auction in this area, because it’s our best chance at achieving a sensational price – it’s a short intense period taking about three weeks from the time the home hits the internet to finish.
“And because it’s transparent it drives up competition and the price and vendors are guaranteed an unconditional sale on auction day along with an end date to the campaign, whereas in a private sale you have to wait for offers,” Mr Findikakis told the News.
Berwick-based auctioneers Tom Gibson from Alex Scott and Graham Curtis from Neilson First National agreed that “unique” homes sell well at auction.
Mr Gibson said auctions also worked well if there was a need for a quick sale.
“Auctions are sold on your terms and conditions, and if you’ve got a house in an area where there are a lot of new homes, auctions can largely increase the focus on your property and make it stand out from the rest,” he said.
An auctioneer with 22 years of experience, Mr Curtis said properties in the south-east region usually attracted around 30-plus people on auction day with an average of three active bidders.
He added that all of his recent auctions had achieved results well above the vendors’ initial expectations.
“Auctions, compared to private sales in situations where you can’t pinpoint a final value, allow the competition between buyers to facilitate the maximum return, because people that are bidding against each other will usually spend more than what they initially anticipated on the day,” Mr Curtis explained.
All three agents believe auctions have become more popular in Berwick and surrounding areas in recent years and Mr Gibson said lately he had seen huge premiums paid for properties that would not have been achieved in private sales.
“Berwick has seen an increase in demand because the area is getting close to full capacity,” Mr Gibson explained.
“We get more inquires for properties advertised for auction than we do those advertised for private sale,” he said.
Mr Findikakis puts the rise in auction popularity down to the current booming market.
“I think the auction culture is taking hold in Berwick and surrounds because of the results. A lot of people are leaning towards auctions similar to inner city suburbs,” he said.
All three agents agreed that part of their role was to calm nervous vendors on auction day.
Mr Findikakis said vendors had more control over the sale of their home at auction compared to a private sale.
“They don’t have to sell when the hammer stops. The property gets passed in and we negotiate but vendors expectations are always going to be high and we set the reserve at a level that they are happy with and if it goes over then that’s a bonus.
“We will never set a reserve below market value,” Mr Findikakis explained.
All three agreed that in the right circumstances an auction was a winning bet that more often than not ended with the vendors popping champagne corks as their property is declared sold.
