Good auction result shows rise in Rocky property market
152 TALFORD street was a buzz on Saturday as a small crowd gathered to bid on the old colonial home.
On the day, there was six registered bidders with four persons actively putting their paddle up.
The home went for $247,500 and Pat O'Driscoll real estate agent Talitha Dodson said this was above the reserve.
It was a great result for the property, which was also a part of a Morning Bulletin real estate marketing campaign.
The home itself was quite run down but it had good bones with tongue and groove internal walls, high ceilings, a front verandah and was built in the 1900s.
Set on over 1,200m2, the size was a major drawcard.
"It is quite a big block right in the Rockhampton city,” Ms Dodson said.
The new owners didn't come from far, as the neighbours next door to the home snatched the winning bid.
"They are from the area already, at this stage I don't think they are fully decided to what they want to do, whether they will redevelop or renovate,” Ms Dodson said.
"They will sit back now and see what they are going to do.”
Ms Dodson said this auction showed a good example there is rising opportunity out there.
"It's not all doom and gloom as people think it is,” she said.
"There are people out there that want to bid at auctions and want to secure a property if they see it is value.”
Auctions provide a good chance for unique properties to get "as much buyer interest as possible”.
Talford Street proved this result, with six bidders considered really good interest.
"There is a big misconception about auctions in that they provide a negative result,” Ms Dodson said.
"Auctions allow owners to know what the market feedback is and the pricing buyers are looking for.
"If a home is not sold at auction, this is not necessarily a bad thing either.”
If the home is then put on the open market in line with the auction feedback, they are very likely to sell quickly.
"You had that opportunity to know what the market feedback was and you know what the price is to sell at on the market,” Ms Dodson said.
"You have the advantage and you know what people think.”
Pat O'Driscoll Real Estate is definitely seeing signs of movement in the property market across the Rockhampton region.
The market is still price driven though with buyers looking for properties they see lot of potential in, or that are a really good price.
"The good thing is we are seeing buyers prepared to commit with those properties that are being priced to the market selling,” she said.
"Pricing dictates how long it will sit on the market.
"We have houses that are being sold within a week and then we have some that sit for a while.
"That is a reflection of pricing.”
On Rockhampton's southside, colonial Queenslanders are the most popular properties.
"There is always a demand for that, people just love them,” Ms Dodson said.
"Another really popular style across town is double story with downstairs built in or potential for it to be built in.”
The first home owners buyers market is quite strong as buyers are trying to capitalise on the grants while they can, but the grants only apply to new homes.
But some first home buyers see the potential in the older, established homes and they can do minor work themselves.
"A good segment of the market is interested in those older homes where there isn't brand new homes available, they can put their own touch,” MsDodson said.