Are you struggling to sell but wary about giving an auction a try?

New data just released by the Real Estate Institute of WA (REIWA) may cause you to take a closer look at the auction process.

According to the data for the three months to June it was 42 days faster to sell by auction in the Perth metropolitan area than by private treaty.

While auctions still only represent a small percentage (just below 2%) of the local property market, those who chose auction from April to June 30 experienced significantly faster selling times. This suggests that Perth buyers are becoming more open minded to the auction process.

REIWA President Hayden Groves said, “On average, it takes around 70 days to sell by private treaty in Perth, but sellers who go to auction are achieving sales in as quickly as 28 days.”

Standing out from others is crucial when you are selling, particularly in challenging markets like the one we are currently experiencing in Perth.

“Selling at auction has plenty of benefits for the vendor,” said Mr Groves. “A short but high profile marketing campaign brings serious buyers to the forefront quickly.”

What if your property fails to sell under the hammer?

If this happens you can continue to negotiate a purchase price with all interested buyers after the auction using the private treaty method.

Auction sales in Perth peaked in December 2016, lifting to 2.31% of total sales activity in the metropolitan area for that month, before returning to just below 2% by March 2017.

“Auctions are still relatively unfamiliar to West 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 agent about whether auctions are the right fit for them,” said Mr Groves.

At Shelmark we work with one of Perth’s consistently best performing auctioneers, Tom Esze. To learn more about selling at auction get in touch with us.