Effectiveness of auctions in Logan?

Discussion in 'The Buying & Selling Process' started by Jmillar, 11th Sep, 2021.

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  1. Jmillar

    Jmillar Well-Known Member

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    I'm currently doing a quick cosmetic reno on one of my properties in Logan then intend on selling it. One agent is telling me to sell it via auction, another is telling me auctions are only used for distressed sales & knockdowns.

    I live in Sydney where auctions obviously work well but wondered what everyone's thoughts are on effectiveness in Logan?

    Thanks
     
  2. gach2

    gach2 Well-Known Member

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    Im going to say no. I got one on the market and seems to be a lot of FHB who are clueless. None of them will be buying without finance and b+p (and about 100 other stupid questions since their purchasing team is filled with morons - eg dealing with banks instead of broker)

    Also wont get top dollar that your trying (as your doing a Reno)

    If its distressed or house full of issues then yea go for it. Should do ok based on the condition
     
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  3. boganfromlogan

    boganfromlogan Well-Known Member

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    Auctions don't work well in Logan for a couple of reasons.....the PPOR buyers are not in a position to buy in auction so all wait until passed in.

    Also the local community is atuned to auction meaning fire sale and very reluctant to fight for something....especially beyond their means.

    Let's face it agents like them ..... one agency is over the top. They seem only interested in auctions.

    If u do auction it may dilute value in Ur home.
     
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  4. boganfromlogan

    boganfromlogan Well-Known Member

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    My post was for u ..... replied to wrong post!

    What makes u sell currently? 8 have thought of selling recently but all indications are it's best to hold in current market
     
  5. Jmillar

    Jmillar Well-Known Member

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    I wouldn't be selling if I didn't have to, but need to clear some debt and pull equity out for bigger & better things (development projects) that will make me more money.
     
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  6. San2018

    San2018 Well-Known Member

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    Maybe investors compete in auction if its investment grade property?
     
  7. boganfromlogan

    boganfromlogan Well-Known Member

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    That's a good observation as u need the competition for auction to work.

    Everything changes!! Can't keep up.
     
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  8. Arthurark

    Arthurark Well-Known Member

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    Honestly most of the stock I see in Logan is not very impressive. Lots of wooden shacks and houses with renovated kitchens etc.
    the land and the overall brisbane boom is what’s attracting investors imo, it’s hard to find individual gem properties (they exist) but until they become the norm rather than exception I don’t think auctions are a justified form of purchase.
    Acknowledge the ‘fire sale’ fear too.
     
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  9. boganfromlogan

    boganfromlogan Well-Known Member

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    $2.8M house in Springwood.

    Remember Logan is very big and very diverse
     
  10. Arthurark

    Arthurark Well-Known Member

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    Incredible! Yes yes you are correct about this, Logans tide overall is rising up but some suburbs faster than others
     
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  11. skater

    skater Well-Known Member

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    First, let me say that I am no expert in Logan, but since in many ways it's considered just like Mt Druitt with palm tree's I'll give my 2c based on my experience with Mt Druitt. It's up to you, to see if it's applicable to Logan.

    As an investor, I LOVE auctions, especially in a buyers market. An auction signals a CHEAP price because it signals a distressed sale, and most of the people buying in the area are nervous around auctions. In a cheap area, you've got many FHBs, and an auction can be intimidating.

    If you are wanting the best price, go for private treaty, but research carefully which agent you use.
     
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  12. gach2

    gach2 Well-Known Member

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    whose the agent? Will keep my eyes on them and see how their results are
     
  13. Marg4000

    Marg4000 Well-Known Member

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    Logan is a tale of two cities.

    West of the M1 you have the older social housing (originally) suburbs around Woodridge, Kingston etc. A few better suburbs, train line and hospital.

    East of the M1 you have some upmarket suburbs which include $1-2m+ houses.
     
  14. boganfromlogan

    boganfromlogan Well-Known Member

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    And then there's Tamborine village, 4207 Beenleigh, Eagleby ( west of M1 cheapest of ALL!), even Cedar Creek!!

    Two cities doesn't do it justice..there is more to it.
     
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  15. boganfromlogan

    boganfromlogan Well-Known Member

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    Big sale in woodridge very recently.....via auction !
     
  16. aussieB

    aussieB Well-Known Member

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    Do you know more details?
     
  17. boganfromlogan

    boganfromlogan Well-Known Member

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  18. clubman

    clubman Well-Known Member

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    That was a stunning house, I've been to the open home last year, still asking for $2.8?
     
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  19. gach2

    gach2 Well-Known Member

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    bumping this thread back up

    So now my agents pushing me with going to auction in 4114.
    In saying that results are going crazy. The houses are also on the nicer side so im guessing it will attract OO than Investors.

    its only been a few weeks but things have changed. Any opinions?
     
  20. boganfromlogan

    boganfromlogan Well-Known Member

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    Things HAVE changed. I wouldn't know what to do in Ur position.

    I saw an agent sell a valuable property for quite low price, first buyer, quick sale, others would have paid more?

    Auctions are working......
     
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