In this property landscape the likes of which even veterans of the industry like myself are saying they’ve never witnessed, we are seeing a lot more properties going to the market without a price. I thought it timely to shed some light on how auctions work for both buyers and sellers.
For the buyer, an auction might feel like a double-edged sword. Because there is no price indication, and because they have to bid in what may feel like a stressful environment. However, buyers shouldn’t be put off by the auction process as it’s actually the most transparent way to conduct the sale of a property. As a buyer, you’ll know exactly what other buyers are bidding and willing to pay, so that on the day, if you are the successful bidder, you can be assured you paid the right price.
As the seller, you’ll also know that you received the highest price the market was willing to bear, and in this hot market, there are more buyers and sometimes less properties for sale at any given time, which is the ideal environment for a seller. Auction conditions favour the seller too as it’s a cash unconditional sale with no cooling off period.
If you have any questions about buying or selling at Auction our experienced team of agents are happy to help. contact me directly on 0410 625 758 or email email@example.com