Are you considering auctioning your property but want to know more about the process? It is always a good idea to do as much research as you can to ensure you’re fully informed and feeling confident before sending your property under the hammer.
Auctioning is all about getting the most for your property, however there are a few factors to consider with this type of campaign and whether it is the correct method for you. Are local market conditions suited to your property? How urgently do you need to sell? How much demand is there for your property?
When weighing up your options we advise speaking with your local, trusted agent to assist you in making this decision.
Why Is Auction Becoming More Popular?
An auction combines the benefits of no price marketing with a 4-week campaign, resulting in either a sale, or true market value determined.
Auction This means that prospective purchasers will bid against one another at a date and time suitable to you. You can set a reserve price, which is the minimum you will accept, and once bidding has passed that level you know you have a sale.
In a changing market an auction is a great way to drive urgency with buyers to ensure your home is sold in a reasonable about of time.
Once the marketing campaign is complete and auction day has arrived, the result is now in the hands of the auctioneer. At Peake Real Estate, we are lucky to have an outstanding, knowledgeable, and experienced in-house auctioneer, Syarif Muchfud. The benefit of having an in-house auctioneer working for you is their involvement throughout your entire campaign. This includes attending weekly vendor meetings - in-turn offering clear auction strategy and communication along the way.
What Happens If My House Is Sold At Auction?
If your house does sell at auction the purchaser will be encouraged to sign the contract and pay the deposit.
What Happens If My House Doesn’t Sell At Auction?
If your reserve price isn’t met and therefore the property doesn’t sell on auction day, the auctioneer may declare the property a ‘pass in‘ and means, that the highest bidder receives the first right to negotiate with the seller. If you cannot reach a sale or the reserve is not met, you generally look to discuss options for re-advertising and marketing the property with the agent or consider listing for sale at an agreed price.
Are you interested to learn more about auction results in your area?
Explore Peake’s recent success for properties sold at auction across Melbourne’s Casey and Cardinia regions:
• 129 Beaconsfield Emerald Road, Beaconsfield Upper - Sold Under Hammer for $1,480,000
• 20 Pelagos Drive, Clyde North - Sold Under Hammer for $695,500
• 17 Cloverset Avenue, Narre Warren - Sold Prior for $760,000
• 34 Lyall Rd, Berwick - Sold After Auction for $1,500,000
• 67-69 St Georges Rd, Beaconsfield Upper - Sold Under Hammer for $2,030,000
• 6 Alsop Lane, Berwick - Sold After Auction: $1,100,000
• 36 Charleston Avenue, Berwick - Sold Under Hammer for $773,000
• 6-8 Cranston Close, Narre Warren - Sold Under Hammer for $2,520,000
• 63 Pelagos Drive, Clyde - Sold Under Hammer for $604,150
• 6 York Street, Berwick - Sold Under Hammer for $1,400,000
• 14 Jamieson Avenue, Berwick - Sold Under Hammer for $1,065,000
• 81 King Road, Harkaway - Sold Under Hammer for $1,910,000
• 80 Hein Road, Pakenham - Sold Under Hammer $1,750,000
For more information and advice on the local market and selling at auction, contact your local property specialists at Peake Real Estate on 9707 5300 today.