Colliers International has reported that out of $50m worth of real estate up for auction on April 2, a number of properties to the value of $25m was sold that day, which made it the largest auction portfolio in the company's history.
"Buyers are attracted to auctions as they believe there will be bargains, and in the current economic environment, we believe these sales will continue to be very compelling this year," said Jon Chomley, national director of investment sales at Colliers International.
Two three-storey terraces in a prime slot in Sydney's Spanish Quarter on Liverpool Street sold for $7.7m, going well beyond the owners' expectations, according to Colliers.
The Colliers auction attracted a crowd of over 150 to the venue in Sydney's CBD.
Collier's record portfolio follows the announcement by Ray White that it had had a company record in sales in March of $2.4bn for the month, also boosted by auctions.
"Auction is the way forward in 2009," said Ray White CEO for Growth, Mark McLeod.
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