Real Estate FROM COAST TO COUNTRY
The benefits of buying and selling at auction TO AUCTION or not to auction? With a marked increase in the number of properties going to auction across the country, buyers and sellers need to know the ins and outs of auctions. If a buyer finds a property they are interested in, it can be daunting to think that it’s going to be sold at auction. What if you accidentally bid $100,000 more than you meant to? Or what if you miss your chance entirely because you are so worried about stuffing the whole thing up? What about selling? Is it better to sell at auction or not? According to PropTrack, high demand with strong population growth and a tough rental market have contributed to an increase in activity recently, including in the number of auctions. Auctions have increased by 26 per cent from January to May 2024 compared to the same period in 2023. Auctions can provide an opportunity for canny buyers to pick up a bargain if bidding is limited. There are some things buyers need to know, for instance there is no cooling off period with properties bought at auction.
679 Terranora Road, Terranora is coming up for auction with Tate Brownlee
To participate or bid at an auction, potential buyers must register with the vendor’s agent and be given a bidder’s number. Bidding can be done by phone with a proxy if you can’t make the auction. Before auctioning a property, the seller will nominate a reserve price, which is usually not advertised. If the bidding continues beyond the
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reserve price, the property is sold at the fall of the hammer. If you are the successful bidder, you must sign the contract of sale and pay the deposit on the spot (usually around 10 per cent of the purchase price). Otherwise, you will lose your deposit and may be liable for any damages suffered by the vendor. Tate Brownlee Real Estate has
a strong auction culture, which principal and chief auctioneer Tate Brownlee says is a testament to their commitment to delivering exceptional sales outcomes for clients. Since December 2023, Tate Brownlee has maintained an impressive 83 per cent auction clearance rate, reflecting the robust demand and effectiveness of their auction strategy. “For potential buyers, understanding the auction process is crucial,” Tate says. “One of the most important steps is obtaining pre-approval for financing. “This is essential because buying at auction means you cannot include any conditions such as finance approval, pest inspections, or building inspections. “Everything must be ready to go prior to purchasing.” To facilitate a smooth and streamlined process, Tate Brownlee advises their sellers to have a pest and building report completed on the property prior to auction. “This transparency helps potential buyers feel more secure and informed, allowing them to bid with confidence,” Tate said. “Our team at Tate Brownlee Real Estate are dedicated to supporting
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Tate Brownlee • 4/11 Lord Street, Coolangatta, 9 -9:30am • 16/291 Darlington Drive, Banora Point, 10
-10:30am • 2/7 Cromer Court, Banora Point, 10 -10:30am • 20 Tyrone Terrace, Banora Point, 11 -11:30am • 2 Campfire Court, Terranora, 11 -11:30am • 518 Terranora Road, Terranora, 12 -12:30pm • 45 Shamrock Avenue, Banora Point, 1-1:30pm • 11 Fraser Drive, Tweed Heads South, 1-1:30pm
Our Community Comes First We all live and work here in the beautiful Northern Rivers and we’re serious about doing right by our community. We value the relationships we form with our clients and potential buyers and personally communicate all the way through the sales process. After all, we’re going to be neighbours.
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our buyers throughout the auction process. “We assist them by pre-registering for the auctions, ensuring they are prepared and confident to participate. “Our goal is to provide a seamless experience, from the initial interest to the final bid.” Tate says that auctioning is often considered the best method for sellers in the real estate market. “Our team follows a strong auction procedure so the process is transparent,” he said. “Properties sold at auction do not have conditions attached, ensuring a final sale once the hammer falls. “Auctions also offer a set date for the sale, beneficial for sellers needing a timely transaction. “Additionally, the entire process is handled by the auctioneer and real estate team, making it convenient for the seller. “Our auction program consistently delivers maximum market price for our sellers.” Tate has a modern architecturallydesigned masterpiece with ocean views for sale at 679 Terranora Road, Terranora. It’s open for viewing at 12pm to 12.30pm on Saturday, June 29, and goes to auction at 6pm on Tuesday, July 2.
THINKING OF SELLING? CALL THE TEAM TODAY Jason Dittmar 0477 711 858 Elizabeth Hickey 0474 908 555 Tania Sheppard 0438 446 578
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By Jo Kennett