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The Canberra Times
The Canberra Times
Lucinda Garbutt-Young

'All about the psychology': what to know before heading to an auction

Damien Cooley knows how to get into your head.

He's one of Australia's top auctioneers, having conducted 30,000 sales worth more than $30 billion.

The Sydney-based businessman has worked on shows like The Block and across national competitions. Though he makes selling a property look easy, he says understanding each buyer you meet is crucial.

It starts with getting a good read of the campaign: how many registered bidders there are, what their motives for buying are, and how competitive the bidding is likely to be.

Nationally renowned auctioneer Damien Cooley will be selling off a Turner abode. Pictures supplied

"For me it's not so much about the property. As an auctioneer, it's all about the psychology of the buyer and the reason why they are buying," he said.

"I use the reasons why people are buying and the attributes of the house to evoke the emotion of the buyer."

That is particularly important in Canberra, he said, which is one of the smallest auction markets of Australian capital cities.

Canberra is set to have 92 auctions this week, up from 82 the week before, according to CoreLogic.

Despite a decline in national clearance rates across recent months, Mr Cooley is confident he can get a territory property across the line when he arrives here later this month.

White Rhino Property's Gavin Van Syl, who is the selling agent for 66 David Street, Turner, said he will be onside to work bidders, much like Mr Cooley.

Ant Arena and his wife, Jess, were keen to make the modern features of their home look mid-century. Picture supplied

The property has been the decade-long home of Ant and Jess Arena, who operate some of Canberra's most popular bars including Cabo, 88mph, Highball and Molly.

The couple have curated an impressive abode, ready for its next owner.

"A buyer will fall in love with a property for their own reasons. My role is to guide the buyer in helping them achieve their goal and doing it in the best way possible to the owner," Mr Cooley said.

Reasons for each buyer could be simple, from downsizing to getting into a school catchment area.

They could also be attached to a certain element of the house, and there are plenty to choose from once you step inside the Turner abode.

The house has ample space for entertaining. Picture supplied

Mr Arena said the home had been a special place for the family, who added several extensions to the 1940s cottage.

The 80-year-old charm was crucial to maintain, Mr Arena said.

"We spent a fair bit of money making the extensions look old but be modern," he said.

There are timber floors, french doors and floor-to-ceiling windows throughout the house, emulating modernist features.

A huge kitchen and a pool off an open-plan living space have been designed for endless entertaining, including New Year's Eve and kids' birthdays.

The house is unassuming from its facade. Picture supplied

Mr Cooley ensures buyers auctioneering is not a manipulative practice. In fact, he says it can be one of the most transparent ways to purchase.

The ACT has some of the strictest auctioning rules in the country. Auctioneers go through a rigorous licensing procedure and conditions of the house must be made available before the auction opens.

All bidders must be registered to prevent dummy bidding, which has been illegal for over a decade.

The house will go to auction on November 22. A reserve price is yet to be set but Mr Van Zyl anticipated it would sell for between $3.5 and $4 million.

The Arenas are moving interstate, but the bars will continue to be family owned and operated.

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