A Successful Holland Park West Auction

holland park west auction

When an auction gets passed in, it means the top bid on the day hasn’t met the reserve price set by the vendor of the home. When a real estate market is beginning to soften, more properties get passed in. Clearance rates go down, meaning less properties are successfully sold at auction.

We are seeing more and more properties getting passed in at Brisbane auctions. The rise in interest rates coupled with increased inflation has caused some hesitation in the real estate market.

When this happens, you want an agent on your side who gets properties sold at auction. The key is to find an agent who attracts buyers from outside the local area, who not only markets the property but also markets the suburb to buyers who normally wouldn’t have looked to buy there. That’s exactly what The Henry Wong Team® does, in this case successfully bringing in buyers from outside Holland Park West.

Success at 61 Mulsanne Street

As picked up by the Courier Mail (see video below), we recently smashed the reserve price set by the owners at the auction of 61 Mulsanne Street in Holland Park West. A delightful two-bedroom, one-bathroom, three-car home on a large 599-square-metre block with city views, we managed to smash the reserve price on the day and achieve a stellar sale for the vendor.

We had an intensive, targeted marketing campaign of just 20 days, during which time we had 28 groups visit the property and four registered bidders on the day. The bidding started off at $700,000, paused at $790,000 with a final bid of $890,000 exceeding the reserve price and ensuring this property didn’t become another passed in statistic.

Our Auction Strategy

We know that simply marketing to local buyers isn’t enough at the moment. It might have worked a year ago when the market was running hot, but in today’s market we need to bring in buyers from other areas, whether its interstate or international.

This is what we focus on doing at The Henry Wong Team®. We’ve devised focussed, effective and intent-driven strategies to put our listings in front of as many eyes as possible. This helps create more competition for the listing, and that helps our sellers achieve their reserve price and more.

We’re very network focussed, with a database of over 14,000 subscribers who receive our regular emails. This includes a large amount of affluent Asian buyers looking for the right opportunity to invest in Australia. It also includes developers, first home buyers, interstate buyers and investors looking to buy homes for their children.

Many of them are passive buyers, who aren’t currently on the hunt for a new home, but when the right opportunity comes their way they become interested. That’s why its very important to regularly keep in touch and keep presenting them with properties.

Allied to our networking database is our massive cyber following on social media, which includes over 12,000 Facebook followers, over 4,000 Instagram followers and over 1,000 Linkedin connections. Aside from the internet, we also have a network of 35 buyers agents that we deal with.

By advertising through these channels we drastically exceed the audience of buyers that an average real estate agent would reach. More eyes on every property means more competition, and that means a much higher chance of reserve prices being met.

When that happens, we achieve our goal of setting our buyers and sellers onto the next chapter in their life with smiles on their faces.

If you’re thinking of selling, there’s never a time like the present. You just need the right team on your side to make it happen in the right way.

Get in touch with The Henry Wong Team® today and let’s chat.