Sales ham­mered home

Eastern Reporter - - Street Watch -

PERTH sell­ers putting prop­er­ties un­der the ham­mer are on the fast path to sale, with new data show­ing it can be up to 42 days quicker to sell by auc­tion.

Reiwa.com said it took an av­er­age 70 days for a sale by pri­vate treaty com­pared to 28 days by auc­tion in the metropoli­tan area in the three months to June.

REIWA pres­i­dent Hay­den Groves said auc­tions rep­re­sented a small part of the Perth mar­ket, where there was plenty of com­pe­ti­tion be­tween sell­ers to se­cure a buyer and stand­ing out from the crowd was para­mount.

“Sell­ing at auc­tion has plenty of ben­e­fits for the ven­dor, with a short but high pro­file mar­ket­ing cam­paign bring­ing se­ri­ous buy­ers to the fore­front quickly,” he said.

“You also have the se­cu­rity of know­ing if your home doesn’t sell at the fall of the ham­mer, you can con­tinue to ne­go­ti­ate a pur­chase price with those in­ter­ested buy­ers af­ter the auc­tion us­ing the more fa­mil­iar pri­vate treaty method.”

Auc­tion Ser­vices Aus­tralia di­rec­tor Ryan Thomp­son said auc­tions were a bul­let-proof method of sale that suited any sub­urb and price brack­ets.

“For ex­am­ple, in the past few months we’ve worked with agents to sell prop­er­ties un­der the ham­mer in Beck­en­ham, Bayswa­ter, Craw­ley, Cottes­loe and Wem­b­ley Downs,” he said.

“Prices ranged from $350,000 for the Beck­en­ham home to $4.35 mil­lion for the Cottes­loe prop­erty.”

Mr Thomp­son said the mar­ket was show­ing signs of re­cov­ery, with auc­tion at­ten­dance in­creas­ing and more

bid­ders com­pet­ing for the prop­er­ties.

Reiwa.com data showed auc­tion sales in Perth peaked in De­cem­ber 2016, lift­ing to 2.31 per cent of to­tal sales ac­tiv­ity in the metro area for that month, be­fore re­turn­ing to just be­low 2 per cent by March 2017.

“Auc­tions are still rel­a­tively un­fa­mil­iar to West Aus­tralians but you only have to look to the east coast, par­tic­u­larly Syd­ney and Mel­bourne, to see how suc­cess­ful this method of sell­ing can be,” Mr Groves said.

“I en­cour­age sell­ers to speak with their real es­tate agents about whether auc­tions are the right fit for them.”

Mr Thomp­son said auc­tions did well in the east­ern states be­cause agents, buy­ers and sell­ers were ed­u­cated about the process.

“Auc­tion is a sci­ence and run­ning a suc­cess­ful cam­paign takes skill and knowl­edge,” he said.

“To en­sure the best re­sult, sell­ers need to choose an ed­u­cated agent. If the agent does not know what they are do­ing, it could be dis­as­trous and the prop­erty could end up lan­guish­ing.”

New data shows prop­er­ties can sell much faster if put to auc­tion.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.