Newspaper article The Northern Star (Lismore, Australia)

Learn the Facts about Auctions

Newspaper article The Northern Star (Lismore, Australia)

Learn the Facts about Auctions

Article excerpt

With John Nicolson, principal of McGrath Ballina

AS AGENTS we hear so often from sellers that "auctions don't work here" or "we're not desperate enough to go to auction" or "we can't afford auction".

So, what are the facts of auction in today's market?

Since the start of this calendar year, McGrath Ballina has had 35 properties listed and scheduled for auction.

Seven of those auctions have not yet taken place, but of the other 28 auctions, 20 sold prior (71.5%), five sold at auction (17.8%), two sold after auction (7.1%) and one (3.6%) is yet to sell (although at the time of writing the auction was only four days ago). That is a 96.4%% result.

Furthermore, auction properties sell more than twice as fast as private treaty sales.

It is true that sales activity has increased overall but the real difference is the way that auctions are conducted. Extensive research shows the vast majority of buyers will dismiss any property which doesn't display a price or price guide so it is essential that properties listed for auction contain a price guide. …

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