JESSICA CAO
RAY WHITE UPPER NORTH SHORE , NSW
Jess has been running auction campaigns since she joined the Ray White Group in 2020 . Since then she has run many successful prestige auctions across Sydney ’ s upper north shore .
What made you decide to start running auctions for your prestige listings ? Auction is a great way to achieve the best price for my vendors and it is a very clean process .
How do you make them work for you ?
We try to provide as much information as possible to our buyers so they can build up their confidence in attending the auction . On auction day we work closely with buyers and the auctioneer to build the momentum of the auction and try to achieve a great outcome .
What are the benefits for your clients and why should they take their prestige properties to auction ?
The buyers cannot withdraw their offers on the auction day ! That ' s what I think is the biggest benefit . Once the hammer falls , the property is sold .
What has been your best luxury auction to date ? I sold 58 Wellington Road , East Lindfield , at auction in 2023 for $ 5.4 million .
Jessica Cao with the sellers of 58 Wellington Road , East Linfield which sold under the hammer for $ 5.4M .
PETER VINES RWC WESTERN SYDNEY , NSW
Pete has been running auctions for two decades and has been behind some of RWC ’ s biggest commercial auction sales .
What made you decide to start running auction campaigns for larger commercial assets ?
People understand auction and are comfortable with it as a method of sale . They can see who they are competing against and it will often bring out people ' s competitive nature which ensures the best possible price for vendors .
How do you make them work for you ?
We would typically do auctions where there is a need for transparency and where we believe that there will be strong levels of interest from varying groups . It also offers a greater amount of finality and certainty around timing that EOI or ‘ for sale ’ campaigns do not offer . I think that many commercial agents don ' t have the experience or confidence to run larger properties as auction campaigns , and so don ' t even consider them , which in my opinion is a mistake .
What are the benefits for your clients and why should they take their commercial properties to auction ?
I would say it has to be considered on a case-by-case basis and what is best for the property . Auction is not always the right method . I believe that auctions offer many advantages including finality , transparency , and true market value . Often the properties we are selling are very difficult to value and auctions offer social proof to purchasers , making them comfortable to pay more .
RWC Western Sydney managing director Peter Vines outside 287-291 King Street , Newtown , which sold under the hammer for $ 13 million , attracting six registered bidders and 86 bids on auction day .
What has been your best auction to date ?
I ' ve previously been involved in the sale of a trophy residential building in Edgecliff for $ 33.25 million . I also sold a property under the hammer last year for $ 19.25 million , and had two auctions in 2022 which sold for $ 17.25 million and $ 13 million .
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