THE TRUTH ABOUT AUCTIONS
Is your agent suggesting you should auction your property?
Here are some facts about auctions in Western Australia.
According to RP Data 5817 properties were listed for sale in W.A. in July.
The average auction period is 4-5 weeks.
The number of properties sold at auction in August was 81 which shows two things;
Auctions represented only 1.4% of all properties listed for sale in July.
Only 31% (or 0.43%) of all properties which were listed sold at auction.
When encouraging sellers to list their property for auction, salespeople often include as successes those properties which sell after auction.
My suggestion is those properties would have sold by private treaty and may well have sold sooner.
Beware of members of Eastern States Franchises pushing auction.
When the W.A. franchise we belonged to took over our group, they claimed West Australians were no different from the rest of Australia and they were determined to turn us into an auction state.
The above figures tell me 17 years later they didn’t know what they were talking about!
At the time I asked “If we are the same as the Eastern States, why do we still build in double brick a century after they started building in brick veneer”?
So, if your sales representative is pushing auction ask “Why?”
If you want to know the real reason they recommend auction or know the secrets of which properties to auction and what the one key factor you need on auction day is, ask Ross Cutten a lapsed licensed auctioneer with 25 years experience selling homes in the Rockingham District on 041 9944 029.
Noble Real Estate