Auction v Private Sale
In the last few weeks we have had some amazing results at public auction with prices exceeding reserves significantly. Just last weekend, a property in Tully Street, East Geelong smashed the reserve by $165,000, with the property being in a state of repair most suited to demolition.
In these market conditions, auction will almost always give you the best outcome. The process is fully transparent and locks the buyer in to an unconditional contract, under competitive conditions on the auction date.
Some of our properties have gone on the private market in recent weeks in instances where the owner has specifically requested it for their own unique reason. Several of these have resulted in multiple offers pouring in quickly requiring us to call for ‘best and final’ offers by a set date. This has opened up the pool of prospective buyers to include those who need a finance clause in their contract and in doing so provides one advantage over auction, but for property where demand is likely to be very high, we would always recommend public auction.
If you are thinking of selling the market is the strongest we have ever seen it and we’d be happy to assist you with any advice.
Until next week,
Nick Lord (Director)