Residential
Explore
We sat down with Ray White Queensland’s Chief Auctioneer Mitch Peereboom, who has spent the past couple of months adapting to the new way of auctioning. He discusses changes in the auction process, stories from auctioning in lockdown, and why he believes in the now.
Give us a brief rundown on what your usual week looks like as the QLD chief auctioneer:
We have a number of businesses across Queensland that run auction events weekly, fortnightly and monthly. I call auctions anywhere between 20 - 30 in room auction events every month, held Monday to Friday during the day and in the evening, and on site auctions on Saturdays. These auction programs are complimented by regular auction stock training sessions, vendor reserve set calls and auction conversion sessions. I also have the pleasure of running our broader sales training Accelerate, Auction Accelerate and Convert.
What are some proactive steps you have had to take as an auctioneer through the pandemic?
We are the competition creators. My only role is to give our members the tools and confidence to continue to conduct auctions as they have always done, while using technology to socially distance appropriately. Our private online auction platform has been a huge success, with hundreds of properties selling completely online over the last few months. Ray White’s auction market share has grown during this period to just under 41% of all the auctions conducted in Queensland.
What changes have you noticed during the auction itself (bidding, attendance, etc) over the last couple of months?
The power of technology has allowed a more user friendly way for people to tune into auctions, with our online attendance being stronger than traditional auctions. Our average number of registered bidders is 3.9, which is up from the same time last year. It is very common for our agents to have the bidders on the phone, so we are able to support the buyers throughout the auction as we normally would.
Do you have an auction story from the thick of the COVID-10 period that stands out?
Many. I have been so enthralled by the response and outstanding sale prices that have been achieved. Our members have worked so hard. When restrictions were first put in place, we were back calling auctions online on the first night after with a number of properties selling under the hammer for Ray White Broadbeach and Robina. This was a moment that gave us huge confidence we were on the right track. Ray White Dalby & Mundubbera had an excellent event just a few weeks last selling 13 from 13 rural properties under the hammer with over 50 registered bidders - Queensland has never seemed so small since!
What is your outlook on the auction outlook for QLD over the next couple of months?
We do not speculate. We prefer to talk about what is happening in the market right now. We have such confidence in the market, and over the last few weeks the clearance rate has remained over 60%. The ambition of our members to be auction leaders will always drive us forward. We are always focussed on creating competition and getting the best price for our customers regardless of market conditions.
Why is it more important than ever for sellers to choose auction as their method of sale?
We are the competition creators. We believe in creating an environment for our sellers to get the best outcome in the market. All bidders can transparently see their competition which creates social proof that other buyers are willing to pay that price giving them confidence to bid further. This achieves the best sale price in the market, and the offer is unconditional. We look forward to working with our customers as we navigate the changes in the market to produce the markets best.
