It was a case of second time lucky for the owners of 73 Shires Road, Woombye. The semi- retired couple had previously listed their historic acreage property with a competing agency with no offers made during the six-month campaign.
After meeting with the owners earlier this year, agent Jeff Uebergang took over the listing and advised the couple to remove the ceiling price and take the property to auction, where it sold under the hammer 32 days later on the 8th of August for $870,000.
“The property went on the market at $845,000 and sold for $25,000 above that price, which was a great result,” said Jeff.
“We had approximately 15 inspections and two offers throughout the four-week campaign.
There were four registered bidders on the day of auction, with 3 being neighbours & all with commercial interests.
It came down to two competing bidders, who went head to head until the end & it was a great auction.”
“The new owners operate a distillery next door & saw value in the land and the exposure”.
The 2nd highest bidder was a local avocado farmer who had the same idea. “The buyers were always there, they just needed to be drawn out as the original asking price for the property was not where the market saw value,” says Jeff.
“I had a hurdle to overcome to rekindle interest. The only way to do that is to remove the ceiling and allow people to make offers where they saw value”.
“When you sell properties on their features & benefits, it allows the market to tell you what they think the property is worth & you will always get the best result for the owner and the buyer”.
An avid fan of the auction process, Jeff says the philosophy behind them is solely driven towards giving the vendor control of the sales process.
“Auctions are a brilliant way to sell,” says Jeff. “You don’t set a ceiling price for the market to push back on & if you do sell on the day, it’s a cash, unconditional sale!”
“They take a bit of work, but if they are done correctly, they can achieve a much better result”.
“Approximately $500 is all it costs to do an auction, but spending that $500 could mean an extra $25k, which is what happened on the day at this auction.”
Needless to say the original owners were delighted with the result and are looking forward to a more laidback lifestyle as they enter their retirement years.
“A large acreage property takes a fair bit of maintenance, so they are at an age where they wanted to simplify their life. They bought a nice unit through our office closer to town and are looking forward to spending more time doing the things they love.”
Happy sellers and buyers, you can’t ask for more than that!