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Luxury Homes Fail to Sell at Auction

by Marquette Turner

in News & Views, Real Estate Radar, Wise Guy

It has always astonished me how many real estate agents advise everyone they meet to auction their home. In Regional cities like Newcastle this happens all too often with the inevitable result of the property passing in, and in most cases not even receiving one bid from a potential buyer.

The process is horrendous for vendors who quite often have their hopes set high only to have them come crashing down on auction day. Potential purchasers use the fact that the property passed in to show that there is little if any interest in the home and accordingly offer much less for the property or just wait for the price to continue falling in the hope of snapping it up for a bargain price.

This is even truer when looking at Luxury Homes in sort after suburbs in Newcastle like The Hill, Bar Beach and Merewether. Twenty seven (27) homes were put to auction in the Hunter yesterday with only eight selling, for a clearance rate of just thirty percent (30%). Even more interesting is that the highest price paid for a property sold at auction yesterday was just $452,000!

It is more important than ever to choose an agent with the experience, qualifications and knowledge of the Luxury market when selling your home. The one size fits all approach simply doesn’t work when selling Luxury Homes and is even more important when selling property in Regional cities.

Michael Marquette

Marquette Turner Luxury Homes

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