Market Wrap – 14th November 2011

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Out of the 713 auctioned properties listed by the REIV, there were 323 sold. Nearly 20% were sold before and I would envisage that double that amount would have passed in and been negotiated after. This still goes down as sold at auction. In fact of the 12 auctions our team attended over the weekend, only 3 sold under the hammer, however, 9 still were listed as sold, as they were negotiated straight after the auction.

It is certainly shaping up as a negotiators market.

Here are some of the properties that we visited over the weekend.

19 Northcote Rd, Northcote

19 Northcote Road Northcote was quoted at $820k – 900k It opened at $820k and was announced on the market at 900k. in total 7 bidders fought out the auction and the property sold for $961k

22 Somerset St Richmond. This was the street that hosted a shooting earlier this year. In fact the shooting occurred just outside this property. It was quoted 650K – 690k. The property opened on genuine bid at $670k with steady but small bidding increments was put on the market at $776k and sold $785k there were five bidders.

2/16 Woornack Road Carnegie .Quoted at $590k – $630k it was opened at $570k with a VB. Small and slow bidding until 1st break at $620k
Not on the market. Slow bidding until $630k and second break.
Whilst still not on the market, the bidding continued and just under $650k it was finally announced on the market. The property sold under the hammer for $656k. There were approx. 6 bidders.

Next week the REIV is expecting 815 auctions next weekend and over 1000 the following.

Ian James
JPP Buyer Advocates

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About the author

Ian has been operating his own businesses for more than 25 years. During this time the self taught lessons of building the business, dealing with staff, suppliers, clients and economic woes have been invaluable. Ian is a fully licensed Real estate Agent, a member of the REIV and registered with the Business Licensing Authority.

Buying property is not just sticking up your hand and outbidding your rival. It is an emotional, fiscal and psychological decision that needs to be planned and well executed. Ian is usually involved in over three hundred property negotiations per year; ranging from the $250,000 first unit purchase for a young couple to multiple million dollar residential developments. Ian's business background and endless numbers of negotiations make him one of the industry's leading negotiators.

Ian is married with two adult children, living in Patterson Lakes. He is a keen fisherman when weather and business allows the time.