Determined house hunters did not hold back at a mass auction in Adelaide this week that saw property change hands for more than $ 4 million.
Ray White Glenelg hosted the in-room auctions on The Highway in Plympton on Wednesday night, which saw 10 properties go under the hammer.
A dozen properties were originally scheduled for auction, but two were previously signed, one of which was an unconditional contract.
At the event, seven were sold under the hammer, all over reserve, while two were not sold but had conditional interest and another was under negotiation.
Ray White Glenelg’s executive director Justin Kurenda said the event sold properties totaling $ 4.2 million.
“We had just over 200 people in attendance, so we were lucky that the restrictions were relaxed,” he said.
“In two of the auctions we actually had over 20 registered bidders.
“Some of the ones offered for sale were development sites, so we had developers there, some we had young professionals and first-time buyers given the price range.”
The sale of a Glengowrie home at 90 Bells Rd was the highest of the evening, bringing in $ 935,000 – $ 35,000 over reserve.
Another in the same suburb at 8 Mitchell Street was a standout product that sold for $ 820,000, which was $ 70,000 above reserve.
Ray White Glenelg auctioneer Rod Smitheram said potential buyers are bidding on any property.
“We never see bids on any property when we have so many auctions in one night,” he said.
“That just shows the strength of the current market.”
The in-room auction was the agency’s fifth event since March.
Although many home hunters are frustrated by constantly missing out on property due to low inventory, Mr. Kurenda said there are many positives in the market.