“Sometimes the Old Ways are the Best”
Apologies if not everyone is familiar with this quote from one of my favourite Bond Films (Skyfall). However this quote resonated in the aftermath of our (Auction House North West) July auction!
Benefits of a Traditional Auction
I have listened with interest to the many merits of online auctions and the technology surrounding it. Without doubt there is a place in the market for online auctions and the future of auctioneering is clearly online. However, our July auction stands testament that for the here and now, the benefits of holding a traditional public in-house auction are clear for all to see.
Our July auction room was packed with over 400 bidders and the rooms atmosphere was electric. Many sellers left delighted, as once again it was proved that there are few things more stubborn than an auction bidder.
Online auctions simply cannot recreate the atmosphere of an auction room, nor can they generate the competitive bidding when bidders can see the whites of their competitors’ eyes! Like it or not, most humans are stubborn competitive creatures.
July’s auction also proved that auction properties are not purely for bargain hunters. More and more private individuals see auctions as a quick and transparent way to buy all types of property. In fact some of the prices achieved actually outperformed the private treaty market. This evidence of the prices achieved led to several buyers entering their stock for our next auction immediately after the auction.
View images of our full auction room and property highlights HERE.
Outperforming the Market
Right Property – Right Auctioneers
Investment Property – Hulme
Sale was agreed initially at £93,000 – however it stalled and was entered into our auction, we achieved £116,000 on the day.
Vacant Industrial Unit, Salford
Offered with a guide price of £85,000 – competitive bidding ended at £131,000, equating to £94 psf.
Historic café, Isle of Man
Situated adjacent to major tourist attractions – previously on the open market for 18 months without success, sold for £250,000.
Day Centre, Macclesfield
On behalf of Local Council, a 5,500 sq. ft. building on 0.66 acre site sold from a guide price of £185,000 for £345,000, equating to over £520,000 per acre.