Why are more sellers choosing auctions?

Why are more sellers choosing auctions?

30 Apr 2014 By: Greg Hocking 0 Comment

This year we’ve seen increasing numbers of vendors opt to sell their property by auction rather than private sale. In fact, the latest figures from RP Data indicate the first quarter was the busiest time for auctions in Melbourne’s history with a record number of properties going under the hammer. The increase was a full 58 per cent on the number of auctions held in the same time last year.

Given the positive market conditions, this comes as no surprise. Competition among buyers translates to plenty of energy within the market and competitive bidding at auction which often results in sale prices above reserve. Indeed, we’ve seen many very happy sellers in this position in recent months.

The prospect of competitive bidding and great results are the key drawcards of auctions, but there are also a few more benefits:

  • Clearly defined sales period – as a seller, you know well in advance when your open for inspections will be held which is great for young families or anybody with a hectic schedule and you’ll have a start and finish date for the campaign (usually four weeks culminating in the auction)
  • Maximum exposure – concentrated, high-impact marketing is designed to put your property in front of as many buyers as possible during the campaign
  • Drives buyers to act – rather than hesitate or dither, the auction date gives a sense of urgency to buyers who are forced to act or else risk losing out on your property.

Our auctioneers and accomplished sales professionals have helped thousands of sellers achieve great results at auction. If you’re contemplating selling in the months ahead, contact us for an obligation-free chat today.

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Greg Hocking

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