Why an in-house auction?
Auction clearances in major capitals such as Sydney have crept above the 70 per cent mark lately. More and more buyers are recognising this current window of opportunity presented by historically low interest rates.
Buyers are rising early on Saturdays to get along to open houses and preparing their game plan ahead of the subsequent auctions. But, increasingly, buyers are also searching specifically for in-house auctions across Australia.
As the name suggests, an in-house auction transfers the auction setting to the meeting or seminar room of an LJ Hooker office, allowing several properties to go under the hammer in the one location. Often, in-house auctions are held on week nights.
For prospective buyers, auctions are a great opportunity to research the market. In-house auctions are organised by a single agency, with the vast majority of properties coming from the same geographic catchment.
By observing an in-house auction program, prospective buyers can get an insight into market demand and the different prices, different suburbs or product types.
When buyers are ready to purchase, the in-house format allows attendees the opportunity to bid on multiple properties rather than picking on one or two auction events on a given day.
For vendors, in-house auctions provide greater exposure to buyers and would-be buyers still just looking for their perfect home.
In fact, prospective buyers have been known to change their opinions on house selection and even location after attending an in-house auction and learning about lifestyle choices they initially thought were out of reach.
If you are a prospective buyer or vendor, check with your local LJ Hooker agent for in-house auction opportunities to find out more. For buyers and vendors, in-house auctions hold their own advantages so speak with your agent to find out what’s best for you.