Selling a house by auction
Auctions aren't for everyone, but they certainly do work well for some.
So which group do you fall into? If you're looking to sell your property and you're not sure whether a traditional sale or an auction would be better, make sure you do your homework and talk to your real estate agent about the possibilities.
In the meantime, here are a couple of reasons why so many people choose to sell their residential property via auction.
There is the possibility that your home will sell for more at auction. The ideal situation for the vendor is when more than one buyer is interested in the property and the bidding becomes something of a war.
A talented auctioneer will be able to best make the most of this situation.
There's also the possibility that you might have more of an idea of when your home might sell. If the buyer has cash, or a pre-approved loan, they may be able to make a quick purchase.
Last week the Real Estate Institute of Victoria reported that 70 per cent of homes that went up for auction over the weekend of June 15 and 16 ended in a sale.