Auction fever hits

20 Feb, 2011 06:00 AM
February Auctions

Bidding success: Christina Yeomans (second from left) with her son Rickman and relatives Esther and Pang Gunawan, purchased a property in Beverly Hills after a competitive auction. Picture: Lisa McMahon

IT WASN’T just the temperatures that were up in February, with the real estate market also on the boil.As the holiday season came to an end, homebuyers dived back into the market, said St George and Sutherland Shire agents.

With the Reserve Bank of Australia holding the official cash rate steady at 4.75 per cent this month, agents said the short-term position was giving people the confidence to buy.

Highland Property Agents director David Highland said the agency experienced an increased new year market compared with other years.

“We had inquiries in the first week we came back on January 3,” Mr Highland said.

“The shire is an affluent region that people are interested in and this steady rate has cemented their confidence to buy.”

With 30 auctions already due to take place in February and early March, Mr Highland said there could be more.

“We are expecting a very strong quarter,” Mr Highland said.

“This surge is coming off the end of last year when the market fluctuated and was inconsistent, the federal election was on and many vendors held off selling to wait for the first couple of months.”

McGrath Brighton-Le-Sands agent Matthew King has locked in 16 auctions this month.

He had more than 200 inspections for one property at Beverly Hills last month and 10 bidders registered for the auction.

“February and August are the two best months of the year,” Mr King said.

“This time is the best punctuation mark for people to move as there is less competition on the market.”

Christina Yeomans of Lilyfield was the lucky bidder who snapped up the three-bedroom Beverly Hills property after finding out the property was on the market only a week before.

“I was very nervous on the day because it was so crowded,” Mrs Yeomans said.

“When I first saw the property it was estimated for offers of more than $600,000 but then it kept increasing and I ended up pushing my budget to $765,000.”