FOLLOWING the success of last year’s auction extravaganza, Caporn Young will hold “The Big Call” again this spring.
The event will see dozens of properties promoted together and auctioned over four weekends from October 15 to November 15.
Caporn Young associate director and auctioneer Phil Hayes said the benefit of The Big Call was in the huge amount of interest it would generate from buyers, as well as the timing, which coincided with the busiest time of year in Perth’s real estate market.
“The event provides sellers with a completely unique opportunity to maximise the impact their property has on the market,” he said.
“This is a time when buyers are very active, add in the large amount of publicity surrounding The Big Call, and you have more ready-to-act buyers’ eyes on your property, and more bidders competing to own it.”
Mr Hayes said the transparency of the auction process helped give buyers the confidence they needed to make a purchase.
“There’s still some residual nerves about Perth’s real estate market, but an auction is very reassuring to buyers because they are never left guessing,” he said.
“They can see the people who are bidding against them, they know the leading bid every step of the way, and they are told when the bids reach the reserve price.”
Mr Hayes added that sellers benefited from the ease of knowing the sale was cash unconditional once bidding exceeded the reserve price; when the hammer fell, their property had sold.
“The deadline of the auction date is also a great motivator,” he said.
“It creates a sense of urgency that brings decisive buyers to the table within a short timeframe.”
Mr Hayes said a recent Caporn Young auction in Highgate was a good example.
Four bidders competed to own the three-bedroom cottage.
“Previously, this property had languished on the market for 119 days with another agency,” he said.
“By using the auction method, we were able to sell the home substantially above the appraised price, within the three-week auction schedule.” n