Last year, more than one third of Canberra houses taken to market were sold through auctions, according to new data from the Domain Group.
Once exclusively reserved for high-end properties, auctions have become popular throughout Australia and cover all price brackets.
While a competitive market makes the auction process more appealing, agents say that’s not the only reason why you should consider selling your home under the hammer.
According to Dan McAlpine, principal at Belle Property Kingston, vendors should consider the auctioning route because buyers are more educated about the auction process. “That’s thanks to the popularity of the process in other major capital cities,” he told the Domain Group.
Auction campaigns also typically halve the number of days a home sits on the market, which translates to less open homes, less strangers traipsing through your home, and a quicker process.
Just as importantly, vendors could potentially earn a tidy profit through the auction route.
“I think we’re beginning to catch up with other major cities, such as Sydney and Melbourne. Higher auction sales have really demonstrated that that is the case,” said Mario Sanfrancesco, an agent at the Peter Blackshaw Manuka team. “The effort that our local auctioneers are investing around their discipline is on a whole new level now.”
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