In an article for the website Your Investment Property, Miriam Bell talks about a novel auction that is about to be held on 14th February. The auction will be one of its kind as it will set a $1 reserve price. Neil Tyagi, owner of the Blacktown House in question feels that auctions could also be made interesting and it was only important to depart from textbooks.
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What to Know When You Attend an Auction
An auction works quite contrarily to a private treaty. Here, you are face to face with a galaxy of competitors. Their goals may vary; someone may be looking for a home to reside and another for an investment and still another for a ‘quick flip’ but they are all out there to buy.
It is crucial to know as much about the auction process as you possibly can. Let’s take a look.
Sydney Auction Clearance Rate Reaches Boom Time High
Sydney’s auction clearance for this Saturday has brought back memories of ‘boom’ time. Standing at 76.3%, the clearance rate has been the highest recorded in last few years. Inner West Sydney has been the winner with 83% clearance. A few believe that such an activity on the Prestige Market is the result of optimism in the stock market. Others are talking about the mortgage rate cuts as the prime reason for buyer response. Six Chinese buyers fighting over a Vaucluse property and bidding in excess of $5 million is a hearty sight. The prestige market has not been moving for some time now and 8 properties selling at more than $2 million each looks like a worthy change.
Derby Street auctioneers held five auctions including the Vaucluse property. Of them, two sold even before the auction and remaining went over the reserve bid. This fresh energy in buyers may also be because of visa changes. The changes aim to provide quicker entry to the foreign nationals holding property worth $5 million in Australia.
You can read the full article here.
Do you think the Prestige Market will rally even further?
