Ray White enlists award-winning auctioneer to deal with increase in auctions

Business Feature

Jereme Lane

Journalist

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22-year veteran auctioneer Milo Rasinac has a natural gift with the gavel and has run over 7000 auctions. Image: Jereme Lane
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Ray White Real Estate agency in Port Douglas has secured the services of Milo Rasinac, a 22-year veteran auctioneer from Melbourne as auctions become more common in the region.

Traditionally, private sale has been the dominant method used to buy and sell property in the Douglas Shire however in the last 12 months there has been an increase in the number of auctions.

“80 percent of buyers in the region are from down south, and the process that those people are used to is the auction process,” Mr Rasinac said.

Ray White seasoned Auctioneer began running auctions very shortly after starting his career in property and has now completed over 7000 individual auctions in various categories from property to charity events and everything in between. Rasinac has also been named Victorian Auctioneer of the Year, travelling to Auckland to compete in the national finals.

“There is an art and a skill to running an auction campaign. A good auctioneer understands the psychology and can read the crowd, as opposed to a lesser-experienced auctioneer,” he said.

Rasinac has an obvious gift with the gavel and believes that the auction sale method is the best, fairest and most transparent way of bringing buyer and seller together.

“Private sale is easier for the agent, no question, but it’s far more frustrating for the buyer and less transparent for, not just the seller, but the buyer as well,” he said.

“As a seller, you may get an offer you're happy with, however you’ll never know if that person would’ve paid more through a competitive environment. More often than not, the buyer and seller will leave shaking hands in appreciation of a transparent process.”

In recent times, as the number of available houses to buy has decreased and the number of prospective buyers for each property has increased, auctions have become a more attractive option for many sellers, and some buyers as well according to Ray White Selling Principal, Mark Flinn.

Ray White is now specialising in on site and internet live auctions where potential buyers can come to the property or they can watch it live online and see everything that is happening in real time.

“You can see who you’re up against, it’s completely transparent and you don’t ever have to wonder who that person was that bidded against you,” Rasinac said.

With property prices continuing to rise since the start of the pandemic, Flinn said it’s natural for there to be an increase in the number of auctions and it reflects a nationwide trend that’s only just starting to be realised in Port Douglas.

“Traditionally we might have had one or two buyers for a property, now we’re having 5 to 7 buyers, that’s the difference in the market,” he said.

“Previously we might have done 20 auctions over the whole year, whereas this Saturday we have three and next Saturday we have five.”

“We’re such a small town with a limited amount of properties and it’s truly a supply and demand issue at the moment in favour of the sellers. I sold one in Niramaya 12 months ago for $950,000 that is now worth $1.4m, that’s the reality and that’s where the market is.

See the list of upcoming auctions on Newsport's auction page.

For more information contact Ray White Port Douglas.


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