Queensland’s new Auctioneer of the Year believes buyers need to “go hard and go early” as the spring selling season kicks into gear this weekend.
David Holmes was named the 2021 REIQ Auctioneer of the Year at an industry event last week, and warned those buyers who held back their best offer, often got left behind.
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Auctioneer David Holmes at an auction at Coolum Beach
“Seven out of 10 properties taken to auction throughout August sold under the hammer,” he said.
“There have been times throughout winter when the auction clearance rate doubled what it was for the same time last year.
“Competition is strong and bidders who are winning right now are those that go hard and early.
“They’re setting the pace for the auction, blowing others of the water with a strong early bid and unsettling those who planned a late run.
“In fact, the old strategy of coming in late has run its course, right now.”
Crowd at Sherwood home auction. Pic Annette Dew
Mr Holmes was now common for there to be 10 or more bidders at some auctions, and the competition was just too strong for those with a last-minute bid strategy.
“Bidders who adopt that strategy get left behind,” he said.
Cooley Auctions expanded into Queensland earlier this year, but have operated in some capacity in the state since 2003.
Mr Holmes made the permanent move to the sunshine state to take up the role as the Queensland head of the national auction network for Cooley Auctions.
He said auction demand, particularly in the southeast corner, was high.
But he said the sales method was now spreading to suburbs beyond the coastal strips. with auction paddles being used for the sale of sub-penthouses at Broadbeach to houses in Coomera and hobby farms around Canungra.
This Burleigh Heads house attracted what was dubbed the “biggest onsite auction ever on the Gold Coast” with an estimated 600 people turning up
He said buyers should be prepared to battle it out in-person and with buyers making online bids.
About one in three participants in an auction are now bidding online, he said.
“It wasn’t uncommon for buyers from Sydney and Melbourne to fly up to Queensland on a Friday afternoon, bid on the Saturday and the enjoy the weekend on the Coast,” he said.
“But with border closures, the hybrid model of in-person and online auctions are likely to be popular for the remainder of 2021.
“Online auctions have been common for more than a year now, so bidders should feel comfortable with the process.”
>>>DAVID HOLMES TOP TIPS FOR BUYERS AT AUCTION
1. Find the agent with the most listings in the suburb: These agents are your best sources for comparative sales, what interest has been like at auctions and off-market sales. This will help you identify value and your budget.
2. Go hard and go early: It’s best to be in front, dictating the pace of the auction. Holding back, waiting to come in at the end with a winning bid, is simply too costly with the amount of competition in the market.
3. Put on your favourite trackie-dacks: COVID-19 was the catalyst for online auctions. But no matter what happens with infections and vaccinations, online auctions are here to stay. So why not take advantage of bidding from the loungeroom? Make yourself nice and comfortable, throw on your favourite trackie dacks or boardies and bid with confidence.
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