Ray White Apartment Collective sells 12 at auction
THE Ray White Apartment Collective, an initiative to rejuvenate older stock across Australia and New Zealand capital cities, has sold 12 properties at multiple auctions to a tune of more than $6M combined.
THE Ray White Apartment Collective, an initiative to rejuvenate older stock across Australia and New Zealand capital cities, has sold 12 properties at multiple auctions to a tune of more than $6M combined.
The highlights of the Collective were 6/21 Birdwood Crescent in Auckland City (pictured below), that claimed the highest sale price of $1.2M and 4105/79 Albert Street in Brisbane, that attracted a huge 61 bids before selling for $572,000.
Ray White Network Performance Executive and one of the leaders of the Collective initiative Benjamin Burling, said the event offered both buyers and sellers a point of difference with a focus solely on inner-city apartments.
“The event was structured to attract a range of active apartment buyers from across Australia and New Zealand in one location and online, allowing vendors to take advantage of the anticipation and energy built by a big group auction atmosphere,” Mr Burling said.
“The success of this event has been measured by the huge crowd sizes and energy at each event. It's a real opportunity for vendors to see the whole market and have the whole market see their property in a truly competitive environment.
“Aside from simply dropping prices, auction is the only way to place time pressure on buyers, as it generates transparent competition in a marketplace that's generally oversupplied.
“There's a real appetite for this type of marketing with sellers as they're determined to move their stock and are looking for a different strategy over the usual private treaty method.
“We’re excited about the outcome and will be running the event again. Ray White are the specialists in sales for inner-city apartments across Australia and New Zealand by the auction method.
The view from 4105/79 Albert Street in Brisbane.
“There’s a very active market for well-marketed and well-priced apartments in the city market place. The Ray White Group are planning the next Apartment Collective for late October, with the intention of heading into more markets in more capital cities.”
