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Highest Bidder at Auction Misses Out in a Post Auction Buyer Stampede

By Dan Sowden

Tightly held pockets of housing across the central Sunshine Coast market are still enjoying fierce competition from prospective buyers.

The beachside housing precinct in Maroochydore is one of these locations with a record number of sales occurring within the last 4-5 weeks.

One sale in particular, 28 Gardak Street; a double story 1970’s constructed beach house on 706m2; saw over 40 inspections prior to auction and 4 active bidders on auction day.

The property was passed in at $513,000 with the highest bidder negotiating firmly. On the recommendation of their Agent Jason Mills the sellers took their chance with post auction negotiations. This clever move produced a further 3 offers within hours of the auction ending.

“The buyers post auction were more reminiscent of stampeding cattle, certainly it was a surprise to the highest bidder whom believed they would have the negotiations to themselves” Mr Mills noted.

Ray White Maroochydore Principal and Auctioneer Dan Sowden said “It would be fair to say that the highest bidders on the day were too conservative in their position, post auction, and increased competition forced them to bid blindly in a multiple offer scenario.”

In post auction negotiations that followed 2 further parties entered with written offers, making it a 3 way play for the winning offer and the seller’s signature. After raising their offer by $5000 post auction the highest bidders at the auction missed out by a mere $1500.00. The property was subsequently sold for $524,000, only $1000 in front of another offer.

Mr Mills commented “It’s always difficult for buyers to negotiate when multiple offers arrive. The auction process is far more transparent where all the bids and amounts are identified publicly.”

“Certainly I do feel for the 2 parties here that missed out by only small margins, however it just goes to prove that buying property at an auction is far more transparent and open than any other form of negotiation.”

The good news for the Maroochydore beachside area is that there continues to be strong interest amongst all location focused buyers.

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