21 June 2022
While we are constantly being reminded of the slowing real estate market here in Sydney, last Saturday Andrew Lutze and his team at Cunninghams real estate held an Auction for a Balgowlah duplex that was reminiscent of a buzzing, bullish market.
With twelve registered bidders and over 100 attendees, this Cunninghams Auction played out in the well-manicured gardens and entertaining area of the property at 96a Wanganella Street, Balgowlah.
With the auction underway, the bids came in confidently and consistently, beginning with five bidders back and forth and eventually down to two parties fighting it out at the end for an exceptional result of $1,970,000.
Bucking the recent trend of declining registrations, hesitant bidding and a general lack of buyer motivation, Cunnighams’ agents Andrew Lutze and Ben Jones credit this extraordinary auction and its result to a well-managed and transparent selling process.
“The key to any successful campaign lies in the presentation of a property, the marketing campaign, and the communication strategy with buyers, including offers and negotiations. From the first week, this campaign showed us that there was a great appetite for this type of property in this location, and we adjusted our guide accordingly. Over the 3-week campaign we communicated clearly with buyers to help them understand where we were in terms of buyer feedback on price. All of this came to fruition on auction day when our buyers registered and were able to bid with confidence knowing that they were making informed decisions about the property value.”
“Holding back offers and using the auction platform for this type of property gave our buyers social proof that they were paying what the market was asking. Having a well-presented property like this one also helps buyers to imagine themselves living in a home and can add to the emotional bids that can occur on auction day. This may also have been the case last Saturday.” discussed real estate agent, Andrew Lutze.
Real estate agent, Ben Jones adds:
“This is a great result for all homeowners in Balgowlah. This sort of result in today’s market gives us great signs that our strategies and relationships with buyers are having a positive impact. To see so many people attend Saturday’s auction, with 12 bidding parties when currently the average number of bidders is 4, gives us great confidence. In the end, we had happy buyers and elated sellers, which is the most important thing to us at Cunninghams.”
From the first week on the market, this renovated, single level property was popular with a range of buyers including downsizers and growing families looking to take the next step up the property ladder. Unheard of in recent months, and despite the property being strata titled with smaller bedrooms and only one bathroom, the open home of this campaign saw 60 groups through. This was a great indication this property was in a competitive price bracket for this location and required a transparent and succinct auction strategy.
Deciding on a shortened, three-week auction campaign, Andrew Lutze and Ben Jones also guided their vendors to not accept any offers prior to auction. Given the interest, the communication with buyers around the level of interest and feedback on price, once auction day arrived it was not surprising that there were 12 registered bidders, 10 of those being young families.
Our sellers and buyers were both extremely thrilled with the result, and agents Andrew Lutze and Ben Jones were so pleased to have been able to facilitate such a positive result and a wonderful client experience.
“The level of interest in our property from the outset of the campaign is testament to Andrew Lutze and his team’s experience and skill in getting the best outcome for his customers. We were truly amazed at the turn out on auction day and we are thrilled with the outcome. We’re really happy for the new owners and hope they enjoy their new home as much as we have.” – Vendors.
See Cunninghams’ video snippets of this fantastic auction below:
