Auctions are huge over east, but do they work in Perth? With only around 3% of all properties in Perth going to auction compared to around 33% in Sydney, it’s understandable that you may think twice before taking your property to auction. However, while still only a small component of the Perth market, the results can be great.
For the last quarter it took Perth sellers just 26 days to sell under the hammer, compared to the 69 days on average it took for private treaty sales – a notable difference of 43 days. For the seller, one of the biggest benefits of going to auction is the sense of urgency and competition this method generates amongst buyers, predominantly due to the shorter marketing and campaign period of auctions.
When listings are plentiful and buyers have plenty of choice available to them, an auction can help your property stand out. Additionally, selling by auction provides reserve price protection and as the seller, you have the opportunity to set specific terms of sale.
Speak to one of our experienced Property Consultants to see if Auction is the right selling method for you.