Property reserve prices are being smashed left, right and centre, as Australia’s surging property market continues to stoke the fires of pent-up buyer demand.
Online property sales platform, Openn, have put the spotlight on five of their recent sales that demonstrate just how competitive the 2021 market is.
Five sales we’re talking about this week
1. 10 Trebonne Street, The Gap 4061, Queensland
A whopping 19 bidders threw their hat in the ring to try and secure this 714m2 block with panoramic views of the green valley vista and Mount Coot-Tha.
Coming on the market for the first time in 36 years, the family home presented the perfect renovation opportunity in one of Brisbane's most sought-after residential pockets, The Gap.
Sold in just 14 days for $209,000 above reserve, Ray White Alderley agent Jarred Campbell’s sellers were understandably thrilled.
“The seller is over the moon! The result of the campaign has been life changing,” said Mr Campbell. “My teams' 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 clients' needs and servicing the buyers' enquiries. It took away the doubt and stress caused by the multiple offer scenario that my peers and I are faced with in Queensland.”
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 by a mile. We actually hit a record price for the main road – bearing in mind the house they bought was unliveable!”
3. 135 Lakes Boulevard, Wooloweyah 2464, NSW
A village haven with Lake Wooloweyah as its backyard was a big hit with buyers last week – selling for $290,000 above the reserve.
Richard Hunt of First National Yamba feels Openn works well 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
Set in close proximity to the highly desired Great Ocean Road Coastline, this bush lifestyle block sold 40.4% ($92,500) above the reserve in just 6 days.
Featuring a brilliant hideaway for people who want to get off the mainstream grid, Daniel Roberts of Roberts One Real Estate Warrnambool had 9 buyers battle it out for the property.
“Openn’s great because people can be anywhere they like and still take part,” said Mr Roberts.
“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 Mrs 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 clients’ 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 1 in 10 properties sell for $100,000 over reserve, which is quite extraordinary,” said Openn’s Managing Director, Peter Gibbons.
“Remembering there are real people behind these sales, so that amount can be lifechanging.”
To help agents win more listings, Openn have compiled this new data into an appraisal flyer. Download it here.