People who’re struggling to sell their homes in Perth should consider going to auction, according to the Real Estate Institute of Western Australia (REIWA), who noted that home sold by auction sold up to 42 days faster in the metropolitan area than by private treaty in the three months to June.
While auctions represented a small portion of the Perth property market, those sellers who chose to list their property for auction were experiencing significantly faster selling times, noted Hayden Groves, president of REIWA.
“On average, it takes around 70 days to sell by private treaty in Perth, but sellers who go to auction are achieving sales in as quickly as 28 days,” Groves said. “In this market, when there is plenty of competition between sellers to secure a buyer, standing out from the crowd is 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.”
Sellers whose homes don’t sell have the security of knowing that they can continue to negotiate with interested buyers after the auction using the more familiar private treaty method.
“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,” Groves said. “I encourage WA sellers to speak with their real estate agents about whether auctions are the right fit for them.”
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