Auction revival defies slump says PRD

BUYERS are snapping up property at residential auctions in Coffs Harbour, defying the housing market slump and heralding 'an auction revival'.

Last month, PRDnationwide Coffs Harbour offered six properties for auction.

Two sold under the hammer and one sold the following day.

Principal Damien Campbell said more than 100 people turned up for the auction following an intensive marketing campaign.

“I certainly believe the interest generated by the campaign enabled our extremely happy vendors to achieve excellent prices for their homes in a relatively short space of time,” Mr Campbell said.

PRDnationwide auctioneer Paul Cavanagh said big crowds and strong bidding pointed to an auction revival.

“Clearance rates are increasing, particularly in near to water locations,” Mr Cavanagh said.

“Increasing numbers of bidders are registering and sales not made 'under the hammer' are occurring in the immediate post auction period.”

Mr Cavanagh said buyers are coming from across the board, including ex-pats from the Middle East through to rural folks looking for beach property, to retirees and first home buyers.

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