Auctions proving best way to sell
THE sale of a luxury unit inSuffolk Park on the day it wasto be auctioned is further proof for real estate agent Sharon McInnes that auctions are the best way to sell a property in the current market.
The unit in Kalamajere Drive was one of five properties on the books on Tuesday, but was snapped up prior to the auction.
Another four properties were passed in, but Ms McInnes said that in 95 per cent of such cases a sale was agreed within a few weeks of the auction – ‘if they are priced correctly'.
“We began auctions 18 months ago, during the financial crisis, when the market was unpredictable and it was getting harder to put a price on aproperty,” Ms McInnes said.
Since then she has become convinced it is ‘the best way to go', and that it offers sellers and buyers clarity.
“Marketing around an auction draws attention to a property. It draws buyers in, and as there is no price given, they can keep an open mind,” she said.
Buyers can also see that a seller is serious, because they have invested more in advertising, she said.
They were also in control of the process right throughout, and could stop bidding when they chose.
Ballina's PRD Nationwide is another agency that values the auction process.
“They are the best way to give a clear picture of where a property sits in the market,” sales consultant Brett Jones said.
And they are a sure way to reduce the length of time a property spends on the market, he said.
“On average, a property up for auction in Ballina will take 46 days to sell. The average time otherwise is 105 days,” he said.
Mr Jones said people who were thinking of selling their homes should be starting to take steps now, in time for the busy period in early spring.
PRD Nationwide is holding two sellers' nights next week, in Lismore and Ballina.
Mr Jones said the nights were designed for people with a property currently for sale, or for those who were thinking about it, and wanted to put their toe in the water.