FOUR spectacular homes in Duncraig will go under the hammer in less than five hours on October 29 in a “Super Saturday” campaign by a local property agency, demonstrating the growing popularity of the competitive selling method.
The day is also proving particularly popular for auctions with 18 properties across the Perth metro slated to go under the hammer, according to REIWA.com.
Comparatively, during the week of September 26 to October 2, there was a total of 11 reported auctions.
Realmark North Coastal, which is selling all the properties, said the auction campaign would benefit both the sellers and buyers.
“Auctions do two main things; it exposes the property to the market quickly and it determines the right price for the property,” Realmark North Coastal sales associate Ian Masterson said.
“And in this market, it’s a fair way of determining market value of properties, which sellers and buyers are having a bit of a problem with at the moment.
“In any market, getting the price accurate is not an easy thing to do and auctions remove us as the real estate agent from the process and let the market say what it thinks is the best price for the property.”
Auctions Services WA director Ryan Thompson said auctions were very useful in slow market conditions as it allowed buyers to judge properties on their merits instead of a price tag.
“In the current downturn it is very difficult to price property because prices are falling, meaning that the recent sales – current is usually up to three months old – are already outdated,” he said.
“Auction has a pay-by date on auction day, forcing buyers to turn up and make a decision; buyers are spoilt for choice in this market and continue to look if they are not prompted to make a decision.”
Mr Thompson also said a correctly run auction stimulates competition and forces the price up, rewarding sellers with the highest price the market is willing to pay.
Last month, Mr Masterson and Realmark North Coast director and licensed auctioneer Jeanette Bates successfully sold 13 Wandoo Road, Duncraig under the hammer after a 30-day marketing campaign.
“During the campaign, 129 different groups of buyers attended the opens of this home, 16 bidders were pre-registered on the day to bid, we had multiple buyers bidding during the auction and the property sold well above the reserve,” Mr Masterson said.
“It shows that, even in a soft market, if you’ve got a good product, you can achieve good results.”
https://www.youtube.com/embed/WyiA3JbrDIUMr Masterson said auctions were growing increasingly popular in Perth.
“There was concern for a number of years if Perth can successfully do auctions and the answer is, yes, we can,” he said.
“Both buyers and sellers are also watching all those property shows and that has increased their comport level.
“Within the next three to five years, we’ll see more Perth properties sold under auction.”
Auction Services WA’s Mr Thompson said the more traditional selling methods were no longer working and, in turn, Perth’s interest in auction was growing.
“However, Perth still has a long way to go,” he said.
“There are only a handful of offices here in WA who use auction as a preferred method of sale.”
Realmark North Coastal Super Saturday auctions:
43 Megiddo Way, Duncraig: 10.30am
21 Kariong Circuit, Duncraig: noon
16 Galston Place, Duncraig: 1.30pm
8 Lismore Court, Duncraig: 3pm