The tale of three very different auctions

17 September 2020

Along with the amazing weather last weekend we also had a fantastic day of auctions, with a 100% auction clearance rate for the Cunninghams team. We had the fun and exciting auctions through to the straight forward, textbook auctions that all achieved great results.

We started the day with the sweet little semi at 1 Steinton Street, Manly which proved to be one of the most spontaneous and quirky auctions we have ever been a part of. Held out on the street at the front of the property which is one street back from Manly beach, we had 4 registered bidders to begin with, along with a few spectators on the ground and others watching from their balconies, as well as a lot of people walking past and taking a look. Two parties, including a couple walking their dog decided to register half way through the auction and start bidding on the home, sight unseen. These two late registrations ended up bidding over all the other parties, with one party being successful and the other being the underbidder. The home sold under the hammer for $2.375m, with the happy vendors watching via video link from the UK. According to our Auctioneer, Clarence White “This was one of the most intriguing, challenging and satisfying auctions I’ve been involved with in recent times.” Click here to take a look at Clarence in action at the auction.

Next we saw the character filled semi at 15 Jamieson Street, Fairlight which ran along a much more traditional auction process, with three registered bidders and with 7 News in attendance we sold this property under the hammer in 13 minutes for $2,175,000. Needless to say we had another very happy vendor who was elated on the phone in Western Australia.

Last on the agenda was the over sized beachside apartment at 8/132 Pacific Parade, Dee Why. We saw over 60 groups through the property during the campaign, most of which were first home buyers. The auction started with 3 registered bidders, however one dropped off just prior to the auction due to finance delay. The auction ran smoothly and eventually sold to a local first home buyer.

In comparison to the Sydney-wide auction clearance rate of 70%, we had a very successful day, although it is important to recognise that these figures do mask the variety of experiences we are hearing about in the marketplace. Confidence when it comes to bidding (particularly opening bids) seems to vary and we have noticed that if one party takes decisive action during an auction, other bidders are more likely to come forward, creating a ripple effect and creating a bit of competition – something that was particularly evident at the Steinton Street auction!

Congratulations to all agents and parties involved in all three auctions, wonderful results all round.