Properties fail to sell at auction
TWO Warwick properties, side by side, went under the hammer at the weekend and although they failed to sell at auction Harcourt Rural's Richard Thew was confident a sale was close.
The unusual occurrence of two neighbouring properties for auction on the same day attracted onlookers in droves however the first property, on Lyndhurst Lane, didn't have any registered bidders and was passed in.
“Negotiations are going ahead on that property,” Mr Thew said.
There were less people at the second auction on the block next door with a Cunningham Hwy address but there were some registered bidders.
Auctioneer Jon Iceton said there had been interest in purchasing both lots of land from one buyer but nothing formal had been submitted.
With the price on the second property starting at $300,000 the auction failed to attract any bids and the property was also passed in, however Mr Iceton said many houses were selling quickly after auctions
“Auction properties are still definitely selling more quickly than properties that come with a price,” he said. “80% are selling post auction within eight weeks of the auction because of the increased interest they bring in.
“It is still a buyers' market with vendors coming to terms with the new values.”
He said there had not been a huge change in the real estate market since the changes in stamp duty tax took effect.
“Even though that was a big fear, it's only been a subtle effect,” he said.