Written by Brendan Simpkins
It was an interesting weekend for Adelaide’s auction market as 7 out of 14 properties that were under the hammer were held over.
Only four properties were actually sold on the Saturday, with another two being sold prior for a 46% clearance rate.
The largest sale for the weekend belonged to Mark Fricker and LJ Hooker Walkerville/Modbury agent Robert Lonie with a 3 bedroom in Hope Valley going for $410,000.
Aj Colman had two properties sell under intersting circumstances.
The weekend of the 15th October saw a couple of interesting scenarios on auction day.
The first was at 38 Briens Rd Northfield, 5 registered bidders competing for an old house, corner block essentially land value. Bidding opened at $200,000 with $10,000 rises. At $260k the winning bidder made their move with a $40k jump bringing the bidding to $300k. This stunned the under bidders who no longer continued to bid. The winning bidder made a strategic move which ensured they were successful at auction. I have seen bidders take smaller steps 1K-2K increments which can inevitable lead to paying more.
The second interesting scenario was at 35 Hume Street Salisbury North, not usually a strong auction suburb, in fact we only had one person at the auction who was in fact registered. They placed a bid, negotiated and bought the property for $2k below reserve. Who says you can’t have an auction with only 1 bidder. An excellent result for the vendor who was moving into a nursing home and an unconditional contract was imperative.
Saturday the 22 of October is set to be a blockbuster of a day for auctions with 26 properties set to go under the gavel.
A futher four are also up for auction on the Sunday, capping off a mamoth weekend for Adelaide’s market.
Mark Fricket/Robert Lonie: 6 Fisher Street, Hope Valley
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