Lockdown life pushes up property results at Grays

Online auction platform, Grays marketplace has seen increases in property demand amid lockdown.

The Announcement:

Online auction platform Grays marketplace continues to deliver strong results for real estate vendors, even during lockdown. As various states and regions regularly move in and out of lockdown, Grays is providing a safe, stable and reliable place to sell real estate.

Demand remains very strong for quality property right across Australia. Buyers continue to seek out properties for occupation or investment, and Grays marketplace helps make this easy for local buyers or those across state borders, even when snap lockdowns occur.

A couple of recent online auction results showcase the power of the Grays platform for real estate sales.

10 Ackworth Place, Alexandra Hills, QLD

The online auction for this property culminated on a rainy Wednesday evening in the middle of lockdown at the end of June. Bidding was strong over the course of the four-day auction and included a mix of local and interstate buyers. A Brisbane buyer prevailed after strong competition late in the auction from a recently relocated Victorian and a NSW buyer’s agent representing a Gold Coast investor.

The property sold for $513,000, which was nearly $50,000 over reserve. Largely unlivable, this was a very strong result for the property, and exceeded the recent sale of a similar, though livable, home in the area by more than $25,000.

Key to the success of this auction was that the campaign ran uninterrupted over a five-week period, even as a lockdown came into force during this time.

Selling agent Dean Pieroz of Ray White said, “We held the auction successfully without a hitch, thus allowing continual momentum without having to delay or reschedule the campaign and preventing any hiccups.”

Statistics for the auction campaign for this property included:

· 2,434 unique visitors

· 6,284 page views (2,630 on the final day)

· 14 registrations

· 9 bidders & 50 bids

Brett Garnett, Head of Real Estate at Grays, said “This property had three pre-auction offers, the highest being $38,000 less than the final auction price. Selling via online auction during lockdown with bidders from multiple states and achieving $48,000 over reserve shows the power of the Grays platform when it comes to selling real estate.”

1 Heritage Court, Newport, QLD

Strong competition for this large family home, with the online auction concluding on July 5, delivered a fantastic result for the vendor. On a huge 954sqm block, and located in a sought-after canal estate in Newport, this property sold for $928,000 ($53,000 more than the reserve of $875,000).

Statistics for the auction campaign for this property included:

· 3,607 unique visitors

· 7,266 page views

· 18 registrations

· 6 bidders & 42 bids

While the pandemic has forced the real estate industry to adapt and move to online auctions during lockdown conditions, Grays has been perfecting online auctions for more than 20 years across a wide range of categories. With runs on the board, a leading online auction platform and a database of more than three million Australians, Grays marketplace is becoming increasingly popular with vendors and real estate agents.

For property buyers, traditional auctions that take just minutes can be very high-stress environments, and require bidders to appear in person (or pay to engage a buyer’s agent). This makes it difficult for interested buyers from interstate, who remain an untapped market for many vendors.

Grays marketplace is the perfect place for buyers and sellers of real estate to come together. Buyers can inspect and bid from the comfort of their homes, offices or even their favourite café. And sellers get access to a huge database of active buyers and Grays’ proven marketing campaigns.

Source: Medianet

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