Auctions rise in popularity for Far North Queensland sellers
and buyers look to gain from an up-to-date market snapshot

Far North real
estate agents are preparing for a busy auction period over the next few weeks.

Six local
properties went under the hammer at the weekend as part of Raise Your Hands, a
nationwide auction event being held by Ray White.

Ray White Cairns
Beaches principal Paul Stirling said about one-quarter of his agency’s stock
was going to the market through auctions.

“There has
definitely been an increase in the number of auctions in Cairns, although they
still aren’t as popular as places like Brisbane and Sydney,” he said

“They (auctions)
give the seller an opportunity to get the highest market price through
competitive bidding, while potential buyers are also allowed to gauge new
market information.”

Mr Stirling, a
veteran of the Cairns property scene, expected auctions to gain popularity in
the region as more real estate agents “embraced it as a method of sale”.

“Sometimes it
comes back to when property owner first meets with the agencies – was the
auction method offered to the owner?” he said.

LJ Hooker Edge
Hill principal Ross Moller said sellers needed to have realistic expectations
when going to auction.

“If they’re
stuck on a high price and not prepared to look at the market there could be
difficulties,” he said. “But if they’re willing to listen to what the market is
saying, they might even get results above their expectations.”

Lance Richards,
auctioneer for RE/MAX Cairns Real Estate Services, said properties that went to
auction commonly spent significantly less time on the market than private
sales. “The longer a property stays on the market, the more stale it becomes,”
he said.“And that’s the most exciting thing about auctions.”

Cairns real
estate agent and REIQ Far North zone chairman, Tom Quaid, said auctions were
typically more popular in rising markets as sellers looked to capitalise on
competing interest in their properties.

traditionally high demand areas such as Whitfield, Edge Hill and Redlynch we
have seen this put to good use, though auctions have also started to spread to
other areas across the region,” he said.

“While auctions
aren’t suited to every situation, they are ­certainly a method of sale that is
worth discussing with your agent.”