Buyers may well have noticed the term “forthcoming auction” being applied to many listed properties.
Mina Etminan, of Luton Property Tuggeranong, says it’s a description agencies introduced in response to Canberra’s now-extended lockdown.
“Most prospective buyers naturally want to physically inspect a home to gauge whether it meets their needs,” she said.
“That’s not possible in the current environment – a ‘forthcoming auction’ indicates a home will be going under the hammer later, and interested parties can register their interest.”
Etminan says the price segment can make a difference to buyer appetite for risk.
“Some are comfortable enough to buy a home sight unseen – aside from photography, floor plans and so on – up to, say, $850,000. Above that, people definitely want to physically inspect.”
Jason Roses, of VERV Property, says agencies pivoted quickly to the lockdown with the “forthcoming auction”.
“But we’re still auctioning properties that prospective buyers had the opportunity to inspect before the restrictions,” he said.
Roses agreed that some buyers were also confident enough to buy sight unseen.
“We just sold a 4×2, dual occupancy in Torrens, just like that, for $1.6 million,” he said.
The VERV Property director predicts a further tightening of supply in new listings during lockdown and in the first few weeks after restrictions ease.
“Pent-up supply could then cause a flood of new listings. That might drive a price correction in the short term,” he said.
“So, despite the lockdown, it’s still a great time to sell.”
- New: A “forthcoming auction” is a lockdown initiative that means a planned auction needs to be delayed until restrictions ease and physical inspections are again allowed. Interest can be registered.
- Buy now: Sales are still being made by private treaty while auctions are being held online and through telephone bids. These properties came to market before lockdown, and bidders have inspected them.
- Sight unseen: There’s a cohort of potential buyers who are prepared to buy a home, sight unseen, based on professional photography, videos, floor plans and other relevant information.
Our top pick of a home going to ‘forthcoming auction’:
This distinctive family home channels Swiss chalet style and complements it with what are, arguably, Canberra’s best views.
The architect-designed pole house is located on an elevated 1144-square-metre block on one of the best streets of Calwell. It backs onto a nature reserve and delivers 180-degree views of the Brindabellas.
This multi-level, custom-built home is brimming with outdoor decks that take advantage of those unrivalled vistas.
Inside, it’s packed with five bedrooms, multiple living areas and a study that all adds up to 230 square metres of living. The open-plan living spaces lead onto those generous outdoor entertaining decks on every level.
Highlights include raked ceilings, exposed beams and ceiling heights of up to five metres. The home also boasts high-quality natural finishes throughout, including stone features and solid-timber floorboards.
There’s a new and spacious kitchen with a breakfast bar, thick Caesarstone benchtops and Bosch appliances, including an induction cooktop and an integrated dishwasher.
Parents will appreciate the segregated main bedroom wing with en suite and, effectively, its own lounge room.
Three further bedrooms have loft spaces and a family room. The study is also on this level, while the fifth bedroom has an attic location.
Comfort is delivered through ducted and individual split-system, reverse-cycle airconditioning, enhanced by double-glazed windows and doors on the street frontage.
There’s a double garage and a 4500-litre rainwater tank that services the low-maintenance gardens.
Price guide: $1.05 million +
Agent: Luton Property Tuggeranong, Mina Etminan 0449 234 646