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Strategy is key, says winning auctioneer from The Block

When Queensland newlyweds Tess and Luke took out The Block auctions in August, it was largely thanks to experienced auctioneer David Wood.

The hockingstuart auctioneer sold the property for an unprecedented $3.62 million – his third win on The Block which he puts down to his market knowledge, buyer profiling and auctioneering style.

Mr Wood, who has conducted 3,000 auctions across his career, said strategy was essential to success when putting a home under the hammer, with a lot going on behind the scene that most people are unaware of.

“The contestants get so busy with their renovation that they don’t get time to study the market and identify the demographic of their potential buyer,” he said.

“As part of our auction strategy, we identify the most likely buyer type for the property and ensure we highlight the accommodation and lifestyle features through storytelling.”

Mr Wood said that in the case of Tess and Luke, the design and layout of their terrace was the key to attracting the higher price point.

“Their re-do rooms really delivered crucial differences that set their home apart from the others,” he said.

The huge win saw Tess and Luke – the youngest, first-time contenders on The Block, take home a final payout of $630,000 above reserve, plus the $100,000 cash prize for their winning result.

Mr Wood’s previous notable wins on The Block auction day include Josh Barker and Elyse Knowles, and Chantelle Ford and Steve O’Donnell, who both walked away with record-breaking profits of $547,000 and $736,000 respectively.

“The interesting thing about being part of The Block is that over the years it has been a visible barometer for the property market at large, and this year’s impressive results are an indication of where the market is heading for 2020,” Mr Wood said.

“There are plenty of signs pointing to the market’s recovery, one of the most important being auction clearance rates which have been rising – and breaking records, since the Federal Election.”

The latest update from CoreLogic showed that the September quarter had the best clearance rates since June 2017 – 69.9 per cent for combined capital cities, while Melbourne outperformed with 73.5 per cent.

“Beyond the clearance rates, across the board median house values continue to climb, plus, we’re seeing the premium market return to high value so overall the market is looking positive,” said David.

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