Hammer falls on $1.825 million home

first_imgAuction of one of Townsville’s most iconic homes. Former owner of the property Phoebe Short. Picture: Zak SimmondsBidding resumed with Mr Nickerson telling the crowd the house would be sold before the winning bid of $1.825 million was called.The six-figure sale comes as Townsville’s auction clearance rate sits at about 40 per cent, compared to Brisbane’s at 48 per cent.Harcourts Kingsberry selling agent Julie Mahoney said it was not just multimillion-dollar properties that suited auctions. She recently auctioned a house at Heatley on the same street as other properties which had stayed on the market for some time. “But this (9 Cleveland Terrace) was such a beautiful auction property to have because it had potential with the land size which could be reconfigured to have two titles,” she said.Ms Mahoney said auctions also avoided many of the pitfalls of buyers pulling out of a sale and removed any guesswork in regards to price.“I probably do more auctions than most people do and it just removes any complications,” she said.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“It removes the finance clause, people changing their minds and vendors are sure of a result.“You get to go to market without a price … because there is sometimes variations between valuers and in this market no one can pinpoint the value.“In this market the only person that determines the value is the buyer.”There are several key differences when a home is sold at auction compared to private treaty. There is no cooling off period so once the hammer falls on the highest bid the property is sold.Checks such as due diligence and building and pest inspections must be done before the auction, while finance also needs to be arranged beforehand. Auction of one of Townsville’s most iconic homes. Australasian auctioneer of the year Justin Nickerson. Picture: Zak SimmondsTOWNSVILLE’S famous white house on the hill has sold under the hammer for $1.825 million. The iconic home at 9 Cleveland Terrace, North Ward, sold at an on-site auction on Thursday night with 12 registered bidders fighting it out.The home was bought by a local couple believed to be from a prominent Townsville family.The bidding opened strongly at $1.3 million and kept going before it halted and auctioneer Justin Nickerson paused proceedings to consult with the vendors and highest bidder. 9 Cleveland Terrace, North WardMr Nickerson, who travelled from Brisbane for the auction and is the REIQ Australasian auctioneer of the year, said an auction was still a good choice for buyers despite Townsville’s soft market as selling under the hammer moved homes quickly.“It tends to shorten your days on the market which is an important thing in this sort of market,” he said.“In desirable areas like Brisbane or Sydney you might do an auction because you’re going to have a lot of buyers but here you want to do it because you don’t want to go to the market with the wrong price.“You want to go out there and test the market which auctions allow.”Realestate.com.au chief economist Nerida Conisbee said while a 40 per cent auction clearance rate was low, it was often hard to get an accurate statistic in cities like Townsville where there was not a high volume of turnover. “It’s not really a good statistic for places like Townsville compared to Melbourne or Sydney because not as many homes go to auction to get a realistic picture,” she said. “Some places in Townsville are experiencing really strong growth and others aren’t.“A lot of people still don’t bother going to auction in Townsville and that makes sense in a market that’s not super strong.”last_img

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