6/11-13 Yinni Street, Maroochydore
Sold by Jason Mills for $775,000 on 24 May 2021
It’s no secret that taking a property to auction delivers the best sale result each and every time and the recent sale of unit 6/11-13 Yinni Street in Maroochydore is testament to this.
Selling under the hammer on the 24th of May for $170,000 over the original intended sale price, the owners were delighted with the result which well exceeded their expectations.
Ray White Maroochydore agent Jason Mills says it was a combination of timing, staging and healthy competition at auction that hit the jackpot when it came to achieving the stellar result.
“We originally started at $590,000 for this townhouse then $595,000 then it went under contract $605,000 to a previous buyer off the plan,” says Jason.
“However, the buyer couldn’t get his finances organised in time and the sale fell through.”
Despite the developers being happy with their margins selling at $605,000, Jason suggested taking the property to auction to ensure they were achieving the best possible price, especially given the buoyant market.
“We decided to kit it out and stage it and get it looking really nice to take it to auction,” says Jason. “As it turned out it was the right thing to do because the $605,000 turned out to be $775,000 under auction, a record for townhouses in Maroochydore.”
Perfectly located close to Maroochy River and just a short five-minute drive to the Maroochydore CBD the modern townhouse boasts a spacious, user friendly floor plan and high quality fixtures and fittings. So, it came as no surprise that there was a great amount of interest in the auction.
“There was a great atmosphere on the day, with eight registered bidders,” says Jason.
“I invited all the off the plan buyers who had been successful and one of them registered to upgrade from a two-bedroom to a three bedroom, but just missed out. James Goldsworthy was our auctioneer on the day and he did a fantastic job of getting the crowd excited.”
Staging the property to appeal to the buyers emotional response was also well worth the investment.
“The reason we decided to stage it was that the property was always going to appeal to an owner occupier, which will bring out the emotional appeal to bidders,” says Jason.
“When you stage a property, they start to imagine how lovely they could make it look, they start to get more attached to it. I would love to be able to do that for every single property.”
The battle between the two final bidders saw a young investor couple sealing the deal, an older owner occupier couple just missing out on the apartment.
“They fought it out until the end but at the end of the day the young investors just had more money in the tank,” says Jason.
“Despite it being an investment for them they were looking at something they could live in themselves down the track so that emotion was still there as well.”
The young couple have already rented the property through Ray White Maroochydore and are achieving an excellent return on their investment already given the shortage of rental properties on the Sunshine Coast.
“It was a great result all round, says Jason. “The best form of negotiation is healthy competition and that is achieved through an auction. When you have another buyer standing next to you, bidding for the property, FOMO (fear of missing out) kicks in and you have to make a decision.”
Have you considered taking your property to auction? Make sure you chat to the team at Ray White Maroochydore, you will be glad you did.
Written by Ingrid Nelson