No ordinary auction in Roseworthy

You won’t be shunned for not knowing what a reverse auction is. It’s a rare practice that’s being used right now for a property in South Australia.

Ray White Gawler agent David Cook is selling one block of land in Roseworthy via this method.

“After being on the market for two months with a price, the property attracted little interest. So, the very motivated vendor wanted to try something more radical,” Mr Cook said.

“Basically, the local commercial property market has really slowed so we need to be creative in order to get a sale.”

“In an ordinary auction, buyers compete by offering increasingly higher prices. In a reverse auction, the seller decreases the price in regular intervals and the first buyers to agree to that price becomes the eventual purchaser.”

“We started with a price of $170,000 on 20 November and each day the price decreases by $1000.”

The Roseworthy property on Leitch Road is commercially zoned level industrial allotment of 2480sqm.

It is situated in the Roseworthy industrial precinct which links to major highways to Port Adelaide, Barossa Valley, Clare Valley and the Riverland. The block has bitumen road frontage, mains water and power situated at the front of the block.
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Media contact: David Cook, Ray White Clare, 0419 837 361 or Lyndsey Douglas, Ray White Group, media@raywhite.com