Wednesday auctions are winning over busy buyers
32/94-96 Alfred Street, Milsons Point
Sydney, NSW (10 May 2018) Property auctions on Wednesday evenings are gaining the approval of time-poor property buyers on the Lower North Shore, according to leading real estate firm Raine & Horne.
“We’ve found that by shifting a property auction to 6pm on a Wednesday night, the registered number of buyers is often double those of a traditional Saturday under-the-hammer sale,” said Todd Houghton, Sales Agent, Raine & Horne North Sydney.
“Moreover, by attracting more bidders, we’ve also found that no matter the time in the market cycle, vendors can walk away with more cash in their pockets than they might have expected.”
Recently, a one-bedroom apartment at 32/94-96 Alfred Street in Milsons Point sold under the hammer on a Wednesday night for over $100,000 more than a similar property in a nearby building at 98 Alfred Street.
“The Milson Point apartment needed some tender loving care and faced the railway, while the other property had been recently renovated and was in a quieter location,” Mr Houghton noted.
“The renovated property was sold at a traditional Saturday onsite auction, while our Wednesday auction attracted 15 registered bidders. We were expecting four buyers.”
The surge in the number of Saturday commitments is fundamental to the increased popularity of Wednesday auctions on the Lower North Shore, said Mr Houghton.
“Many Lower North Shore residents have many responsibilities to address on Saturdays with school sport at the top of the list,” he said.
“The Lower North Shore is well-served with public transport on weeknights that enables potential buyers to leave the office and take a train or bus to the onsite auction by 6pm. It’s usually a seamless commute.
“With their property duties dispatched on Wednesday, people are freed up to get on with the weekend workload of children’s sport, entertainment, and the weekly chores,” Mr Houghton added.
A Wednesday auction can also provide better timing for organising finance.
Mr Houghton explained, “If there are still some negotiations on price to be finalised after a Wednesday auction, a buyer can get the finance ball rolling the very next day, which is Thursday and a working day.
“However, with a Saturday auction, there will be as much as a 48-hour gap until a buyer can talk to his or her lender on the Monday. This delay can cause frustration or worse, a buyer missing out on a property.”
Raine & Horne North Sydney has two upcoming Wednesday onsite auctions:
- A stylish 1-bedroom apartment at 17/166 Pacific Highway, North Sydney from 6 pm on 23 May 2018
- A spacious 1-bedroom apartment at 19/9-13 Hampden Avenue, Cremorne from 6 pm on 30 May 2018
For all your real estate sales and property management needs in North Sydney and surrounding suburbs, please contact Raine & Horne North Sydney on 02 9925 1200.
For further media information contact:
Todd Houghton, Sales Agent, Raine & Horne North Sydney on 0415 505 555