Edge Hill auction result leaves buyers and sellers thrilled

first_img15 Hall St Edge HillMORE than 120 people, including bidders and curious onlookers, turned out as a duplex in a popular suburban Cairns street went under the hammer last week.And agents were buoyed by the result, with 15 Hall St, Edge Hill, selling above reserve price for $467,000. There were 19 registered bidders for the 798sq m property, with offers starting at $350,000.RE/MAX Cairns principal Tony Williamson said the June 3 auction event was “amazing”.“It is in one of the best streets in Cairns, and had a high level of demand because of its location,” he said.He said auctions were the “best way” for sellers to earn a premium in a buyers’ market like Cairns. “At the end of the day, if the seller puts a price on a home and it is not at or near the market value, it won’t sell,” Mr Williamson said.More from newsCairns home ticks popular internet search terms3 days agoTen auction results from ‘active’ weekend in Cairns3 days ago“A lot of sellers have trouble adjusting to the fact that prices in Cairns aren’t like Sydney and Melbourne.”He said while auctions were the preferred sale method in some major cities, only about 20-30 per cent of property sales in the Cairns market were reached by going under the hammer.“Some people fear auctions, but without any real foundation,” Mr Williamson said.“It can be hard to market a property for weeks without a price, and then invite people back together to make a bid. It’s very different to just putting a price on a house and waiting for someone to come along, but it’s also the only way to get a premium.“We recommend to sellers that going to auction is the best way to sell a property, and we do a lot of training and work around it.“An auction campaign involves a lot of work for the agents, with skill and expertise needed.” It comes after Cairns was recently reverted to “bottom of the market” on the Herron Todd White National Property Clock.According to CoreLogic, the average selling price for Edge Hill houses was just under $500,000 over the 12 months to February.last_img