Colliers adopts new approach to residential sales

“We have had significant national success [so far] with this process and because the market has changed, this method of sale is more suited to buyers and sellers’ needs,” said Colliers International residential sales director Nigel Summerville.

According to Mr Summerville, auction portfolios are an excellent way of getting deals done as properties are sold under the hammer and settlement occurs 30 days later all on sellers terms not the buyers.

“It gives vendors and buyers certainty over other methods of sale and buyers are attracted to auctions as they know they will walk away with a property on the day,” he said.

This month, Colliers achieved a 60 per cent clearance rate and sold more than $3.5 million worth of residential property

One of the properties sold was 102/229 Queen Street Brisbane, which was bought by an inner city business owner for $750,000 – $30,000 above the last sale in the building. The buyer plans to use the property as a home/office.