National interest in auction shows investors taking note
A SUITE of four commercial shops and a residence has fetched $1.1 million at auction over the weekend.
The property, at 72 Yamba Rd, was initially passed in at the auction at Yamba Bowling Club, but sold less than an hour later to the highest bidder.
Yamba Iluka Real Estate sales and marketing specialist Michelle Gillies said the vendor was thrilled with the price for a property, which had attracted interest from around the country.
"The moment the marketing campaign began we started to field inquiries from Perth, Melbourne and South East Queensland," Ms Gillies said.
"It really confirms that Yamba is in the sights of investors from all over."
Ms Gillies did not reveal the identity of the buyer, except to say he or she was "much closer to home" than many of the potential buyers.
She said the auction was held at the bowling club's River Boat Room creating a relaxed, comfortable environment.
"This allowed potential purchasers to leisurely watch the information slide show and discuss any last-minute questions with Yamba Iluka Real Estate staff," Ms Gillies said.
She said with six registered bidders, the auction reached a price close to the reserve.
"It was good to have that room with just the six bidders," Ms Gillies said.
"They knew who they were dealing with and were able to focus on the sale without distractions."
Ms Gillies said the sale continued a trend of buying properties ahead of moving to the region.
"We see this again and again with investors," she said. "They make a purchase five or six years before they want to move here to fund their retirement.
"They're not so much wanting the great property, they're more looking at getting the right price and rental return.
"They'll make the changes they want when they get here."
Ms Gillies said the sale was relief from the annual winter sales slump in the area.
"I just put it down to the end of the financial year," she said.