Auctions

Three key factors determine if your place is a likely candidate to sell under the hammer.

Is your suburb auction-friendly?

Some locations have more of an auction culture than others. In areas with astrong Auction culture, a wider variety of properties are sold by Auction - in areas that don't only unusual or high end properties are generally sold by Auction.

Do you have a high value home?

Even in cities that favour auctions, homes located in expensive, prestige suburbs make better auction candidates. CoreLogic found the median price of houses sold at auction in 2015 was $950,000 (apartments: $680,000) compared to a median value of $530,000 for those sold by private treaty (apartments: $460,000).

Houses more likely to sell under the hammer

Auctions tends to favour homes with unique qualities.  Standard homes, where similar properties in the area have sold or are available, means it is easier for buyers to estimate the likely market value so there’s less incentive to engage in a bidding war.

Auctions are highly effective for some properties - and not for others – it is important to understand how your local market works – and to seek the advice of an experienced agent to help you make the right choice between auction and private sale.

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