Agriculture demand: Tumut property sells $185,000 over reserve

THE demand and popularity of agricultural land was on the rise as ‘Brymay’ Lot 8 Tumut Plains Road, Tumut, NSW (above) sold for a whopping $185,000 over reserve at online auction.

The property attracted a massive 11 registered bidders, seven of whom were active, and it took real competition between 34 bids before finally selling for $785,000.

"I've been in the real estate game for 21 years and I can honestly say the last week has been the second busiest in terms of sales that I've ever had," said Ray White Tumut Principal Ray Piper.

"Agricultural land is becoming more and more popular, and even though this property wasn't presented as the best, buyers could see beyond the mess because of the potential and the fact it's in a high rainfall area.

"Despite the restrictions and limited access to the property, we still attracted 21 people to private inspections, and over half of them registered to bid.

"The auctioneer Alex Pattaro was excellent because he took the time to sit down and take us through how the online auction platform worked.

"We logged on as the whole team one evening to run a mock auction so we really understood the process and could ask/answer any questions ahead of the auction.

"It's a great tool for future business and our office actually sold two from two today using the online auction platform."

Ray White NSW Chief Auctioneer Alex Pattaro (above) said this was an excellent result and there was a sense of growing positivity around online auctions.

"There has been a real shift in sentiment recently as buyers and vendors get accustomed to the 'new world' of online auctions - and it's pleasing to see our clients feeling more comfortable than ever with the platforms we use," Mr Pattaro said.

"Agents, auctioneers, vendors and buyers have adapted to this new way of buying property and the feedback we're seeing is overwhelmingly positive.

"The really important thing is agents are still following the same process as if it was an on-site auction - and they're keeping that emotional connection with their clients throughout the auction with constant communication."