STAY UP TO DATE WITH LO­CAL REAL ES­TATE.

Pilbara News - - Lifestyle - Natalie Richards

The rest­less sleep the night be­fore, the poker face as the bid­ders gather in the front yard and the sweaty palms be­fore the ham­mer goes down.

Most home­own­ers would agree that auction day is rarely with­out its dra­mas.

But, as the av­er­age time to sell a house con­tin­ues to rise, sell­ers are turn­ing to the quick-fire sale method in num­bers not seen in years.

Ac­cord­ing to the latest Real Es­tate In­sti­tute of WA’s quar­terly prop­erty re­port, the av­er­age time to sell a house has in­creased six days to 65 days.

This has led to sell­ers looking for a quicker way to off­load their prop­er­ties in the slug­gish mar­ket.

The latest REIWA fig­ures show a steady in­crease in sell­ers choos­ing to sell by auction in the past two years, with auc­tions rep­re­sent­ing 2.1 per cent of all Perth sales.

In the past three months of last year, auc­tions rep­re­sented the big­gest pro­por­tion of sales in 15 years at 2.8 per cent of the mar­ket.

Dur­ing a re­cent week­end, 64 prop­er­ties went un­der the ham­mer, a fig­ure auc­tion­eer Rob Ma­son said was al­most triple the amount of pre­vi­ous years.

“Three years ago, you’d see a cou­ple of dozen in a week­end,” he said. “In the re­gional ar­eas, you’d prob­a­bly see none.

“I think it’s taken off the last cou­ple of years, for sure. You’re looking at roughly half of the days on the mar­ket over pri­vate treaty.”

The latest fig­ures show auc­tions typ­i­cally sell a prop­erty 37 days quicker than pri­vate treaty sales.

For broth­ers Al­lan and Phillip Crow, the quicker turnover was im­por­tant in the sale of their late mother’s home.

Al­lan Crow said agents rec­om­mended an auction over pri­vate treaty sale be­cause of the pop­u­lar­ity of the prop­erty and his loom­ing travel plans, but there were some nerves ahead of the auction.

“From what I’ve seen on tele­vi­sion, I’m not too ex­cited about it but if it’s sold on auction day, then it’s worth it, ” he said.

REIWA pres­i­dent Hay­den Groves said although auc­tions were more pop­u­lar in WA, they were un­likely to be­come as com­mon as they were in the Eastern States, where they made up about one-third of all prop­erty sales.

In the other States, auc­tions had be­come pop­u­lar to avoid los­ing a sale to cool­ing-off pe­ri­ods or buy­ers try­ing to gazump each other in pri­vate treaty sales.

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