{"id":32713,"date":"2021-06-08T10:05:21","date_gmt":"2021-06-07T22:05:21","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=32713"},"modified":"2021-06-08T10:05:21","modified_gmt":"2021-06-07T22:05:21","slug":"there-has-been-a-spike-in-snap-auctions-and-its-pushing-property-prices-higher","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/there-has-been-a-spike-in-snap-auctions-and-its-pushing-property-prices-higher\/","title":{"rendered":"There has been a spike in snap auctions and it&#8217;s pushing property prices higher"},"content":{"rendered":"<p><strong>PHOTO: Karina Durham was so nervous about the purchase of her Kirribilli apartment she put in an offer 24 hours before the auction was supposed to start.<cite class=\"W-g-R _14nkQ _3BwtN _2eB4R _3qdyT _1SWGZ\" data-component=\"Figure__cite\">(<\/cite>ABC: David Taylor<cite class=\"W-g-R _14nkQ _3BwtN _2eB4R _3qdyT _1SWGZ\" data-component=\"Figure__cite\">)<\/cite><\/strong><\/p>\n<p class=\"_1HzXw\">Karina Durham knows all too well how nerve-racking it is to bid for a property at a Saturday <a href=\"https:\/\/propertynoise.co.nz\/au\/?s=auction&amp;submit=Search\">auction<\/a>.<\/p>\n<section class=\"vB11C _1tnlo _3fXyV _19G7j _2wBlx\" role=\"contentinfo\" aria-label=\"key points\" data-component=\"KeyPoints\" data-uri=\"coremedia:\/\/teaser\/100196846\">\n<h2 class=\"_1BrKg _1MOAE _3XvRm _3qPMD _1ehlr _2Od9e _582YK _2eB4R\" data-component=\"Heading\">Key points:<\/h2>\n<ul class=\"_29Vqe\" role=\"list\" data-component=\"List\">\n<li class=\"\" data-component=\"ListItem\">The COVID-19 pandemic has led to many properties selling before auction<\/li>\n<li class=\"\" data-component=\"ListItem\">In early April 2020, 83 per cent of homes sold prior to auction<\/li>\n<li class=\"\" data-component=\"ListItem\">The ABC understands some buyers are being pressured to waive their cooling-off\u00a0rights<\/li>\n<\/ul>\n<\/section>\n<p class=\"_1HzXw\">&#8220;The whole process of being so emotionally invested in a home, going through all the effort of getting the reports and all those emotions, and then to come to auction day and you&#8217;re completely unsuccessful [is difficult],&#8221; she said.<\/p>\n<p class=\"_1HzXw\">To remove her nerves, Ms Durham put in a strong offer to secure her apartment in <a href=\"https:\/\/propertynoise.co.nz\/au\/?s=Sydney&amp;submit=Search\">Sydney<\/a>&#8216;s Kirribilli 24 hours before auction day.<\/p>\n<p class=\"_1HzXw\">&#8220;We were trying every way possible to work with the vendor more directly to try and come to some form of arrangement prior to auction,&#8221; she said.<\/p>\n<p class=\"_1HzXw\">&#8220;And that&#8217;s what we did with this place.<\/p>\n<aside class=\"_3fXyV _19G7j _2kQVP\" data-component=\"Pullquote\">\n<blockquote class=\"_2BtlZ\">\n<p class=\"_1HzXw\">&#8220;It was the Friday evening that we decided that we were going to sign on the dotted line and get it pulled off auction, which was incredible.&#8221;<\/p>\n<\/blockquote>\n<\/aside>\n<h2 class=\"_2O2Ne _2El7j _3XvRm _3qPMD _2rdcP _2Od9e _582YK _2eB4R\" data-component=\"Heading\">Data shows pre-auction sales on the rise<\/h2>\n<p class=\"_1HzXw\">The fear of never owning a home is producing a spike in so-called &#8220;snap&#8221;\u00a0or &#8220;on-the-spot&#8221;\u00a0auctions.<\/p>\n<p class=\"_1HzXw\">It is where property sales are rushed through prior to auction day.<\/p>\n<p class=\"_1HzXw\">Research shows the number of pre-auction sales have surged over the past few years.<\/p>\n<p class=\"_1HzXw\">The latest data from CoreLogic show a spike in buyers snapping up properties prior to auction day.<\/p>\n<figure id=\"100196926\" class=\"_2FoxC _3fXyV _19G7j _2rgXu\" role=\"group\" data-print=\"inline-media\" aria-labelledby=\"dls-id-12010\" data-component=\"Figure\" data-uri=\"coremedia:\/\/imageproxy\/100196926\">\n<div class=\"_3-6ik\" data-component=\"IntersectionObserver\">\n<div class=\"CtQll\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" class=\"_2clwR YdWce\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/c559ae3831b3a035a8c76dde2c2f0ddf?impolicy=wcms_crop_resize&amp;cropH=2001&amp;cropW=3000&amp;xPos=0&amp;yPos=0&amp;width=862&amp;height=575\" sizes=\"100vw\" alt=\"sold sign\" data-component=\"Image\" \/><\/div>\n<\/div><figcaption id=\"dls-id-12010\" class=\"W-g-R _14nkQ _3BwtN _2eB4R _3qdyT _3BXCT\" data-component=\"Figure__figcaption\"><em><strong>In early April, as many as 83 per cent of homes sold prior to auction day.<cite class=\"W-g-R _14nkQ _3BwtN _2eB4R _3qdyT _1SWGZ\" data-component=\"Figure__cite\">(ABC Gold Coast: Dominic Cansdale<\/cite><cite class=\"W-g-R _14nkQ _3BwtN _2eB4R _3qdyT _1SWGZ\" data-component=\"Figure__cite\">)<\/cite><\/strong><\/em><\/figcaption><\/figure>\n<p>READ MORE VIA <a href=\"https:\/\/www.abc.net.au\/news\/2021-06-08\/covid-pandemic-revolutionising-how-we-buy-property\/100195238\">ABC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: Karina Durham was so nervous about the purchase of<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/there-has-been-a-spike-in-snap-auctions-and-its-pushing-property-prices-higher\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":32714,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478116352,478098730,478098512,478098521,478098892,478108952,478109554,478098566,478098562,478098542,478098519,478098535,478098522,478116350,478101896,478104085,478098809,478098543,478116351,478098513,478101743,478099125,478098873,478098579,478098510,478098514,478098511,478098705,478098533,478098766,478098509,478116349,478098536,478101979,478103893],"class_list":["entry","author-data123nz","post-32713","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-auction-day","tag-auctions","tag-australia","tag-australians","tag-corelogic","tag-covid-19","tag-covid-19-pandemic","tag-first-home-buyers","tag-foreign-buyers","tag-home-loans","tag-home-ownership","tag-house-prices","tag-interest-rates","tag-karina-durham","tag-kirribilli","tag-kirribilli-apartment","tag-landlords","tag-mortgages","tag-pre-auction-sales","tag-property","tag-property-correction","tag-property-crash","tag-property-investment","tag-property-market","tag-property-news","tag-propertynoise","tag-real-estate","tag-real-estate-agency","tag-real-estate-agent","tag-real-estate-auctions","tag-real-estate-news","tag-snap-auctions","tag-sydney","tag-sydney-auctions","tag-sydney-real-estate"],"yoast_head":"<!-- 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