IF you heard a lot of hammering in the local area lately, was not a building boom , but the gavel coming down on four properties auctioned by Realmark Coastal.
Sales associate Paul Dilanzo took one Karrinyup and three Innaloo homes to auction on March 17, all had multiple registered bidders and all sold.
The Innaloo properties presented strong development opportunities; 25 King George Street with a 1950s home on a 938sqm block attracted 10 registered bidders and sold for $1.025 million.
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The chance to knock over the old 1950s two-bedroom, one-bathroom home and build a new one on 3 Paris Way, Karrinyup attracted eight registered bidders with the home selling for $700,000.
Mr Dilanzo said the results showed the Perth market was going in the right direction, with buyers feeling more confident in the economy and seeing the transparency auctions brought.
“The outcomes reflect the confidence that developers have with the future of the Perth market and, in the case of Paris Way, show that many people are looking to upgrade their home or build a new home in an established suburb because of the amenities, great local schools and established infrastructure as well as lifestyle choices,” he said.
Mr Dilanzo said choosing auction to sell became more prevalent in the Perth market around mid-2017, with the number intensifying later in the year and early 2018.
“It shows signs of growing as the preferred method of sale into 2018,” he said.
“For a seller, it is a process driven method rather than a price driven one.
“In a traditional sale if you don’t get the price you want you only have one choice, to keep dropping it until you sell, whereas an auction gives the seller control of the selling process.
“For buyers, it is the most transparent way of buying a home as you are competing against buyers under the exact same conditions and you can clearly understand what other buyers perceive the value of the home to be because it is sold in an open, public forum.”