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A Cunninghams-orchestrated Balgowlah auction has shown sales agents and vendors alike that great results and buyer frenzies can still be achieved during a market lull.
The successful sale of the property at 96a Wanganella Street, Balgowlah, which had 100 attendees and 12 bidders, has bucked the recent trend of auctions passing in — instead, being compared to auctions that occurred during a buzzing and bullish 2021 market.
The achievement of such a solid result, according to the agents who conducted the sale, Andrew Lutze and Ben Jones, came down 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,” Mr Lutze said.
From the onset of the short three-week sales campaign, he and his team worked to establish a process that would achieve the greatest result. This included not considering any offer prior to auction and providing buyers with “social proof” that the property’s asking price was what the market was asking.
In addition to this, Mr Lutze outlined how “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”.
Furthermore, communicating clearly with the buyers on the price allowed for potential purchasers to enter the auction with the confidence that their bid was guided by informed decisions about the property value, which were facilitated by the work of the Cunninghams team.
These factors allowed for the auction, which began with five back-and-forth aggressive bidders and ended with two parties battling for the duplex, to achieve a sales price of $1,970,000.
It’s an outcome that Mr Jones described as “a great result for all homeowners in Balgowlah”, before adding that “this sort of result in today’s market indicates that our strategies and relationships with buyers are having a positive impact in the market”.
“To see so many people attend Saturday’s auction, with 12 bidding parties in a market where the average number of bidders is four, gives us great confidence.
“In the end we had happy buyers and elated sellers,” he concluded.
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