The number of auctions in the region is set to boom this weekend when PRDnationwide Newcastle and Lake Macquarie hold their Main Event at The Arc at Watt Street Commercial Centre.
The Main Event is a day full of back-to-back auctions on Sunday.
Sought-after auctioneer Damien Cooley, who has performed the winning auction on The Block five times, will control proceedings with a minimum of $500 from every sale going to the Children’s Cancer Institute.
According to leading property information group CoreLogic, there were 46 auctions held in the Hunter last weekend.
At the Main Event, between 20 and 30 properties are set to be auctioned alone and PRDnationwide Newcastle and Lake Macquarie director Mark Kentwell said they had “everything listed from one-bedroom units right through to $3million-plus Merewether residences”.
“This one in particular we’re seeing a really good spread of properties,” Mr Kentwell said. “In this case we’ve still been running auctions every two or three weeks, so to get this number of properties listed is really positive and it shows that there’s a real appetite for auctions in Newcastle now. That’s for buyers and sellers.”
The Main Event is one of PRDnationwide’s signature events and signals the start of what is considered the busy season for the property market.
Mr Cooley auctioneers all over the country and has seen Newcastle’s market for auction increase over time. He cited transparency as one of the reasons for this.
“The percentage of properties that go to auction has definitely increased,” Mr Cooley said.
“We’re seeing the auction culture, particularly in Newcastle, really start to gain momentum.
“We will definitely see events like Main Event continue to gain traction and we will definitely see auctions in the Newcastle market to continue to gain momentum.
“It’s the fairest way to achieve what we determine is market value and it's the fairest way to buy.”
Among those listed is a block of units on 753sqm at 5 Lloyd Street, Merewether.