Auction Turns Uninterested Buyer Into New Owner Of $1.59 Million Property

It’s common to hear about auctions creating a competitive environment to generate a higher sale price for the sellers. What surprised us about the sale of 41 Yorlambu Parade however was the influence that holding an auction had on a seemingly uninterested buyer into becoming the new homeowner. We sat down with Ray White Maroochydore real estate agent Jason Mills to find out more.

“The sellers are clients I’ve dealt with before and have stayed in touch with for years… they’re lovely people and actually have referred some clients to me as well, so it’s a great relationship,” says Jason.

A well positioned house for sale in Maroochydore, this elevated property reaped the rewards of proximity to the beach and the city.

“The location was lovely, the kitchen was amazing, the pool was huge with a big shed, great location, elevated for breezes, you could even see the ocean, so there was a lot going for it but there were a couple of thing that held it back for some buyers,” says Jason

“Unfortunately the house didn’t quite suit the target market, it was close, however the living spaces were criticised as there wasn’t enough of it and families today really want a big living space… apart from that, everything else was perfect!”.

Despite a shift in the Sunshine Coast property market leading to lower inspection rates across the board, Jason was pleasantly surprised by the interest the campaign generated.

“Interest was really healthy, in previous weeks I thought the numbers were quite low across the board on anything, but then we got about 10-12 through all open homes for this property. There were a couple of early retirees but mainly families were interested, and it’s the type of house that lends towards that sort of demographic,” says Jason.

From his years of experience as a Sunshine Coast real estate agent, Jason knew how an auction campaign would be different to listing the house with a number, and ultimately advised his sellers that this was the best route for them.

“The sellers weren’t sure if they wanted to go down the path at first, however I knew that it was a home that would attract genuine competition. To list the property at a price, the number needs to be bang on, and that area is well known for not being typical in properties and value. For example, in a typical estate where most house designs are similar, you know what the estate housing prices will be, however in this area the smallest of things can change the price quite dramatically. There is such a variety of homes in that area that it’s quite hard to know a really good price to put on it… with an auction, we knew that instantly it would create great competition,” says Jason.

And create competition it did! With nine registered bidders, the sellers were in a great position! Competition wasn’t all the auction created, but it also served as a strong reminder to a not-so-interested buyer who had inspected the property a few weeks ago.

“The successful buyer didn’t actually show much interest earlier in the campaign and would have said no to it but for the fact that our marketing communications reminded him of the auction and forced himself to ask the question again. He moved up from Victoria about a year ago and had been looking in a difficult market, so as he watched the market change he saw a few auctions get passed in, and had been really torn between whether he buys or holds, but ultimately realised he shouldn’t overthink it and went with his gut,” says Jason.

Jason continues to explain the challenges the changing market and media headlines bring for buyers: “Trying to predict what the market is doing is the biggest challenge these days for buyers, and it shouldn’t be, but with all the interest rates doom and gloom in the media it’s hard not have that front of mind when buying a house. People are trying to figure out whether the market is going to go up, down, left or right in the next 6 months and whether they should buy or hold… at the end of the day, all you know are the facts on the property, to go with what your gut says, and hopefully that you’re working with a trustworthy real estate agent!’ says Jason.

Much like the rest of the team at Ray White Maroochydore, the buyer would have been over the moon to work with a trustworthy agent like Jason, and as for the sellers? Well, the $1.59 million sale speaks for itself!

If you’re also seeking a trustworthy agent who achieves fantastic results, contact Jason Mills today.