Ray White Annandale smashing reserves with online auctions

RAY White Annandale I Leichhardt have had a terrific night in online auctions as two homes sold under the hammer, both for over $1,000,000, and both having smashed their reserves.

145 Corunna Road (pictured above) in Stanmore attracted eight registered bidders and sold for $1,268,000 – a whopping $108,000 over the reserve price.

Meanwhile in Annandale, 2/37 Booth Street (pictured below) sold for $1,025,000, $45,000 over its reserve following strong competition between five of the six registered bidders.

Ray White Annandale I Leichhardt Sales Agent Tina O’Connor, who managed both online auction campaigns, said the sales highlighted continued buyer demand in the Inner West of Sydney.

“We had 14 registered bidders for two properties so that tells us that at a minimum, there are 12 bidders out there who are finance-ready, and fully intend to buy,” Ms O’Connor said.

“The process of online auctions is all about organisation and communication. The key is to have both vendors and bidders completely comfortable with this ‘new world’ of buying.

“Despite there being a lack of on-site auctions now due to current restrictions, we’re still able to run an auction campaign like we always have, and that’s creating competition and success.

“We’re spending more time carrying out private auctions but we’re seeing more genuine buyers coming through and that’s translating through to a strong number of registered bidders.

“Pretty much straight after these two properties sold successfully via online auction, I had a call about a townhouse in Leichhardt, so people are taking notice of the method.

“145 Corunna was sold to two young gentlemen who plan to owner-occupy the home and 2/37 Booth was sold to an investor who knows the area really well.

“Both campaigns overlapped the introduction of open home restrictions - but that was no deterrent - as private inspection numbers were just as strong.

“Both of them were really good properties and it’s true to say people who are ready to buy will still bid and compete when a home ticks their boxes.”