Auctions prove best way to sell
AUCTIONS are the most successful marketing method of selling a property and netting the best return, according to a Ballina real estate agent.
Michael Shay, a principal with LJ Hooker said the agency had recently achieved well over 50 per cent clearances on the night.
It even had to cancel an auction night recently because all the properties sold beforehand.
Many agencies base their clearance rates on a three-stage marketing program, prior to the night, on the night, and after.
On this basis over the years, LJ Hooker had sold 82.6 per cent of the properties it had offered at auction, Mr Shay said.
Raw percentage charts on the Australian Property Monitors (APM) website show a wide difference between clearance rates in the Northern Rivers.
At 58.3 per cent, Casino stands near the top. But the figure is skewed because of the low number of properties sold, said Mark Formaggin, of PRD Nationwide in Casino.
“The clearance rate would be up because the number of properties we auction is pretty low,” Mr Formaggin said.
Suzanne Eatwell, principal of the Professionals in Brunswick Heads, said the APM figure of 60 per cent was ‘about spot on'.
There had been a marked increase in the number of properties going to auction in the past six months, she said.