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Openn season: Reserve prices smashed using online negotiation platform

Reserve property prices are continuing to be smashed around the country, as Australia’s surging property market continues to exceed expectations due to pent-up buyer demand.

Online property sales platform Openn Negotiation have put the spotlight on five of their recent sales that demonstrate just how competitive the 2021 market is.

1. 10 Trebonne Street, The Gap, 4061, Queensland 

Nineteen bidders threw their hats into the ring in an attempt to secure this 714sq m block at Brisbane suburb The Gap, which boasts panoramic views of Mount Coot-tha and the valleys below.

The property was on the market for the first time in 36 years, with the family home presenting an ideal renovation opportunity in one of Brisbane’s most sought-after residential pockets.

Sold in just 14 days for $209,000 above reserve, the property’s sellers were understandably thrilled.

“The seller is over the moon,” Ray White Alderley agent Jarred Campbell said.

“The result of the campaign has been life changing. 

“My team’s phones were pinging constantly from buyers and registered observers who were in amazement at how well it went. 

“Openn allowed me to enjoy the campaign and focus on my client needs and servicing the buyers’ inquiries. 

“It took away the doubt and stress caused by the multiple offer scenario that my peers and I are faced with in Queensland.”

View bidding report here.

2. 549 Goodwood Road, Colonel Light Gardens, 5041, South Australia

Released to the market for the first time in 70 years, this 1920’s character home was snapped up in 12 days via the Openn Negotiation platform.

“The sellers were speechless. The price went higher than they ever imagined,” said selling agent Stephen Venn of Harcourts VennMillar. 

On the night of the final bidding stage, the property sailed $162,000 above the reserve and hit a new street record.

“We just trusted the Openn system, particularly in this market, to see what would happen and it went way over expectation. 

“We actually hit a record price for the main road,” he added, which was no mean feat considering the “the house they bought was unliveable!”

3. 135 Lakes Boulevard, Wooloweyah 2464, NSW

This home near Yamba, which has Lake Wooloweyah as its back yard, was a big hit with buyers last week, selling for $290,000 above the reserve.

Richard Hunt of First National Yamba praised the Openn Negotiation process and said it was particularly useful in competitive markets.

“We really like the efficiency and transparency of the process,” he said. 

“We chose to use Openn for this property because we knew we would have deep competition and believed the platform would outperform the alternative in this instance.

“The sellers couldn’t believe the result – they were really surprised it went that high. We were not though.”

4. Lot1 TP813113 Moreys Road, Nullawarre 3268, Victoria 

This bush lifestyle block, which is close to the Great Ocean Road Coastline, sold for 40.4 per cent ($92,500) above the reserve in only six days. 

The property features a hideaway for people who want to get off the mainstream grid, and Daniel Roberts of Roberts One Real Estate Warrnambool had nine prospective buyers vying for the property.

“Openn’s great because people can be anywhere they like and still take part,” Mr Roberts said. 

“I actually had one person bidding on the phone in their car on the side of the road, because they got stuck in traffic on the way home.

“Every party really enjoyed it – my vendors think I’m the greatest thing in the world. I also followed up with the buyers who missed out and they loved the transparency.”

5. 463 Mooreville Road, Mooreville 7321, Tasmania 

First National Real Estate Burnie agent, Jenna Miles, had 10 buyers vying for this country retreat in Mooreville Tasmania, which sold for $36,000 above the reserve.

“The final bidding stage was a massive success,” said Ms Miles. 

“Our vendors were delighted and shocked with the end result.

“From the moment the reserve was hit, to listening to us constantly on the phone to the buyers, they believed they had the right agents and knew we worked in their best interest, from start to hammer.”

Could your vendors’ property be worth more with Openn?

So far in 2021, 19 per cent of properties sold through the Openn platform went for $50,000 above the reserve price. 

“We also found one in 10 properties sell for $100,000 over reserve, which is quite extraordinary,” said Openn Negotiation’s Managing Director, Peter Gibbons.

“Remembering there are real people behind these sales, so that amount can be life-changing.”

To help agents win more listings, Openn Negotiation have compiled this new data into an appraisal flyer. Download it here.

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