R&W Noosa are thrilled to report that sales for properties they have taken to auction have bucked the trends despite the much touted negativity that media outlets love to use to sell papers.
It doesn't take a rocket scientist to appreciate that buyer confidence over the last 2 years has been reduced and that a number of properties have been sitting on the market for prolonged periods of time. We all know that prices also have come back and that there have been some unfortunate forced sales that have resulted in opportunistic purchases.
People are still emotional creatures. If we fall in love with something we go to great lengths, (and expense), to have it. People are still buying luxury discretionary items such as jewellery, leisure craft, new cars as well as continuing to dine out at fine restaurants and attend the theatre. Why do we think that property would be the exception and that people stop their emotions when buying one of the most emotional items in life?
The answer is that people still use their heart to a large degree when buying property and that is so in any market.
The problem for many sellers in this market has been their selling approach. They figure that because prices have eased back that they best advertise their property for an increased price in order to allow for discounters. This is a little like a retailer deciding to run a sale-but before advertising “everything has 20% off”, they first inflate all their stock by 30%. Of course buyers are not silly and inflated prices put most people off. This is what has been happening in the property market. Sellers have figured that their house maybe worth x dollars and so advertise it for x dollars plus a percentage and then wait for a very long time as nobody inspects the property!
The reason our auctions have been so successful is that we are allowing an honest and sincere approach to the market. We permit the market to judge the merits of each property on its features and benefits and in doing so good old fashion emotions take over. Before they know it, buyers are emotionally engaged and are not willing to be beaten by the competition and decide to pay good money for something they love.
R&W Noosa held our Spring auctions last week. We sold over 12 million dollars of real estate with many results better than pre GFC prices.
By month end we will be looking for more properties to sell, these will be sold in our Summer Auction season and we expect no less success with these properties either! If you would like your property to be included in our very successful auction process then please contact us and we would be more than happy to show you why R&W Noosa continue to be the leading agent in Noosa.