AUC­TIONS PROM­ISE QUICKER SALE

Southern Gazette (South Perth) - - RESIDENTIAL -

PROP­ER­TIES sold by auc­tion are more likely to sell faster than those of­fered by pri­vate treaty.

New data from reiwa.com.au re­veals that on av­er­age, it is 26 days faster to sell by auc­tion.

REIWA pres­i­dent Hay­den Groves said although the per­cent­age of Perth sell­ers choos­ing to sell by auc­tion was a small part of the mar­ket, this method was gain­ing pop­u­lar­ity be­cause of the vis­i­bil­ity of auc­tions on main­stream tele­vi­sion.

“Auc­tions are be­com­ing more fa­mil­iar to Western Aus­tralians and Perth sell­ers are in­creas­ingly more open to this sell­ing method,” he said.

“While pri­vate treaty re­mains the most com­mon way to sell a prop­erty in Perth, auc­tions did hit a 15-year high in De­cem­ber 2015, with 3.1 per cent of all sales in the metropoli­tan re­gion hap­pen­ing un­der the ham­mer.

“This fig­ure did dip in Jan­uary due to sea­son­al­ity, but re­cov­ered quickly and was back up to 2.9 per cent in March.”

Auc­tion Ser­vices WA direc­tor Ryan Thomp­son agreed that auc­tions were growing in WA, with more agents em­brac­ing the auc­tion process.

“We have seen a spike of ac­tiv­ity in the western sub­urbs and also the Como/South Perth area,” he said.

“We are also see­ing more auc­tions in non-tra­di­tional auc­tion mar­kets such as But­ler, South Lake, Hil­larys and Yanchep.”

While sell­ers might be in­spired by tele­vi­sion auc­tions, Mr Thomp­son urged them to re­mem­ber that auc­tions did not work mir­a­cles.

“They re­quire time and ef­fort,” he said.

“Sell­ers need to present their prop­erty in the best pos­si­ble light and they also need to be pre­pared to spend money on mar­ket­ing the prop­erty.

“This is the ‘net’ that they use to at­tract buy­ers – the wider the net, the more buy­ers they will at­tract.

“I also think they should let the agent tell buy­ers why they are sell­ing, within rea­son, as buy­ers re­spond to auc­tions bet­ter when they know the seller is gen­uinely mo­ti­vated to sell.”

Mr Thomp­son said dur­ing the auc­tion cam­paign, it was very im­por­tant for sell­ers to lis­ten to the feed­back from buy­ers on where they saw value for the prop­erty.

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