Auction Homework Report

Auction Evaluation:  Property address: 3 Wynford Street, Aspley, QLD 4034 Description: The chosen property was a lowset Post War style home, with 3 good-sized bedrooms and a large rumpus which could be used as a granny flat or home office. The spacious master bedroom featuring an ensuite. The entire home newly renovated with New kitchen & New bathroom, single garage all set on an elevated 607m² block close to public transport and a main arterial road. Potential Purchasers ·         First home buyers·         Investors·         Small business owner·         Extended family Open Home: 19^th May 11.00am – 11.30am Attendees: 1)       Young woman looked sharp and as though she was a business woman. Body language didn’t give any positive indications that she was attracted to the property nor did the length of time she spent in the house. Discussion with the agent revealed, yes she could afford the property but no, she was not interested.2)       Young couple obviously 1^st home buyers took their time looking commenting positively to each other as regards the décor and discussing what they would use the different rooms for. Enthusiasm growing as they checked things out and sought out the marketing agent at the end of their visit and discussing what they needed to do to follow their interest through and whether it could be sold prior to auction. “Hot buyers” think would pay $350,000 – $360,0003)       The third ‘group’ was a young Mum with 3 very young children her viewing was a little hampered by the children’s distractions. Liked the house but comments were that it would not adequately cope with their needs as the children grew. Block of land great as was location. Kitchen dining too small. AUCTION – 26^th May @ 11.30am Only one registered bidder the young couple that had come through the previous weeks open home. They opened the bidding @ $330,000, auctioneer lodge a vendor bid @ $340,000, young couple then bid @ $345,000. The auctioneer then lodged another vendor bid of $350,000.  (Auctioneer had outlined terms of auction prior to auction and stated  that he would only lodge a vendor bid if reserve had not been reached by bidding) no more bidding so property was passed and listed for $399,000.  Derek Graham