Regardless of location, auction is the most positive sale method a vendor can opt for. It offers transparency to the buyer and creates competition, ultimately driving the price up and benefiting the vendor.
The way an auction works has been given plenty of exposure over the years on the likes of The Block and Luxe Listings Sydney, but we seldom talk about the reasons behind its popularity as as option.
Firstly, an auction is a transparent process which instils confidence in the buyer. Nothing gives buyers more confidence in the value of a property than seeing other people bidding for it. And if buyers are more confident, they’re going to be more comfortable about paying more too. With auction you know what your competition is, meaning buyers are more likely to participate and keep bidding.
Ray White has recently trademarked the term “competition creators” and that’s exactly what the auction process does. We know the homes are good, and we have three or four buyers, why would we sell any other way? Competition is the thing that sets the market. It helps create a buzz in the market that there are good homes available and many keen buyers. Of course, buyers don’t want the competition but It’s our job to get the best price for our vendor, and auction is the best method to achieve this.
Another key benefit about auction is that it takes price out of the equation and gets buyers focused on making a decision, by a certain time. Auction provides transparency, creates confidence to bid, drives competition and ultimately gets the vendor the best price.
There are mixed messages in the media about the current market however the true barometer for the market is auction clearance rates. And in the Lower North Shore we have seen some of the best clearance rates over the last few months. This highlights the power of competition that auctions create and shows that our market is still strong.
If you’re thinking about selling, now is the time, don’t wait until 2023 to list your property. We have four Gala Auction Nights coming up with many buyers ready to purchase their new home before the Christmas season. We’ve got some sensational properties coming on the market from one-bedroom units to waterfront homes. With the quality of stock already signed up for these nights we’re going to be dealing with all the buyers looking in the Lower North Shore.
We’ve also got some unique marketing planned to promote the events which will allow us to reach more buyers. It means you’re going to have more interest in your home. And the more interest in your home, the more competition, and the more competition, the better the price.
Upcoming Auction Gala Nights:
27 October
10 November
24 November
8 December
If you’d like to discuss how we can use our Gala Auction nights to help you achieve the best price for your property, please get in touch.
Geoff Smith, Director
Ray White Lower North Shore Group
geoff.smith@raywhite.com
0418 643 923
Escalation in the Middle East, the war in Ukraine, a US election around the corner, and a softer economy in China all have consequences for Australian property. The uncertainty on each of these issues is enough to impact our real estate market, but all four at once produce a veritable … Read more
As Sydney’s Lower North Shore prestige property market continues to evolve, understanding its key trends and both global and domestic economic drivers is crucial for buyers, owners, investors and industry professionals. Join us for an insightful evening where industry experts will dissect the dynamics shaping one of Sydney’s most sought-after … Read more