Auction action sees buyers snap up six homes | Northern Rivers News | Local News in Northern Rivers

11th August 2008

IT'S been a great week for Grafton house auctions with at least six properties sold over two nights.

Ray White Grafton principal Adam Sydenham said all five properties auctioned by his company on Tuesday sold.

Four of the homes sold on the night were featured in a Daily Examiner story on July 26, which told of the bargains awaiting potential buyers.

The houses, all in McFarlane Street, South Grafton, were in need of extensive repair work three of those were classified as uninhabitable and were expected to sell for less than $100,000 each.

The prediction turned out to be fairly accurate because the four homes sold for between $90,000 and $104,000 each.

Mr Sydenham said the fifth property auctioned on the night was a dance hall in Pound Street, Grafton. That property sold for $161,000.

He said all but one property reached the reserve price.

"We had 14 registered bidders and there was strong bidding," Mr Sydenham said.

"There were bids flying thick and fast which always creates a good energy in the room.

"(In fact) there were more bids received than ever before at one of our auctions."

Mr Sydenham said it was unusual to sell every property at an auction program, but there had been a high number of inquiries.

He said in the current market climate it was important to put together a 'good campaign' to sell a house.

However, although most reports suggest housing has slowed, Mr Sydenham said the Grafton area was somewhat protected because housing prices were still so affordable.

He said he didn't believe there would be a lot of change in the market locally during the next 12 months.

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