Auctions can offer faster selling times

REIWA says homes are selling faster by auction than by private treaty. Picture: Anita McInnes

YANCHEP sellers struggling to sell should consider going to auction, according to the Real Estate Institute of Western Australia.

Meanwhile, there are only days left for people to take advantage of a $5000 rebate being offered by a developer for first homebuyers in Eglinton.

Real Estate Institute of Western Australia president Hayden Groves said while auctions represented a small component of the Perth metropolitan property market, those sellers who did choose to list their property for auction were experiencing significantly faster selling times.

He made his comments in light of data revealing it was 42 days faster to sell by auction in the metropolitan area than by private treaty in the three months to June.

Mr Groves on average it took 70 days to sell by private treaty in Perth, but sellers who go to auction are achieving sales in as quickly as 28 days.

“In this market, when there is plenty of competition between sellers to secure a buyer, standing out from the crowd is paramount.

“Selling at auction has plenty of benefits for the vendor, with a short but high profile marketing campaign bringing serious buyers to the forefront quickly.

“You also have the security of knowing if your home doesn’t sell at the fall of the hammer, you can continue to negotiate a purchase price with those interested buyers after the auction using the more familiar private treaty method.” data shows auction sales in Perth peaked in December 2016, lifting to 2.31 per cent of total sales activity in the metro area for that month, before returning to just below two per cent by March 2017.

“Auctions are still relatively unfamiliar to Western Australians, but you only have to look to the east coast, particularly Sydney and Melbourne, to see how successful this method of selling can be.

“I encourage WA sellers to speak with their real estate agents about whether auctions are the right fit for them.’’

Until the end of July Stockland is offering a $5000 rebate for buyers in Amberton to offset changes to the WA Government’s first home owner grant, which has been reduced from $15,000 to $10,000.