To auction or not to auction
We know the longer a property sits on the market the more chance it has at selling for a discounted price. So over the past 12 months we’ve been collating data that measures the number of days a property sits on the market when sold via auction versus private treaty. And it’s no surprise that almost every month we get the same result. So we challenge you to look at the data.
According to Australian Property Monitors 1,075 residential property sales took place via auction across the Sydney Metropolitan market in April. Of these sales 87% sold within 28 days. In this same month there were 1,849 private treaty sales yet only 38% sold within 28 days. The result gives a staggering 49% difference in days on market success for auction versus private treaty. Traditionally Wollongong has not been an auction-focused market. Last month there were 46 properties sold via auction with 91% selling within 28 days. In that same period 159 properties sold by private treaty and only 14% sold within 28 days. Quite unbelievably there was a 77% difference in days on market success between auction and private treaty. These results speak for themselves.
We laugh when an agent says to us “auctions don’t work in our market”. You have a clear understanding of what the word auction represents and how to go about using the marketing strategy to your advantage. Once you have the tools you quickly realise auction works!
Auction reduces the number of days a property sits on the market, it creates urgency around a sale and maximizes the result for the seller.
Author: Damien Cooly (Cooley Auctions)