Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

‘Biggest’ auction fails to attract buyers

By Staff Reporter
12 November 2009 | 1 minute read

Billed as the ‘biggest ‘ commercial auction of the year,  Colliers International Sydney auction  has failed to live up to its reputation, with more than 70 per cent of properties withdrawn or passed in.

Advertisement
Advertisement

Twenty-three properties out of 34 were passed in or withdrawn and much of the bidding was below the reserve price.

Only eight properties were sold under the hammer, with a Parramatta office recording the highest selling price of $12.2 million.

The properties auctioned were expected to sell for between $250,000 and $12 million.

Despite the disappoint auction result, Collier International investment sales national director John Chomley said many of the properties that were passed in would sell outside the bidding room.

“We will end up selling quite a few post-auction,” Mr Chomley said.

“Once vendors see what the buyers are prepared to spend, they will realign their expectations.”

‘Biggest’ auction fails to attract buyers
default
lawyersweekly logo

Tags:

Listen to other installment of the Real Estate Business Podcast

 

Do you have an industry update?

top suburbs

12 month growth
Queenton
69.76%
Flying Fish Point
69.61%
Point Piper
69.17%
Glenelg South
69.02%
Pretty Beach
69.01%
Bar Beach
68.9%
Northampton
68.7%
Kembla Grange
66.91%
Boomerang Beach
66.67%
Gnarabup
66.67%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.