If the thought of an auction intimidates you, you are not alone! Australian tennis champion and sports commentator Sam Groth admitted that buying his property at auction was "the most nerve-wracking experience ever".
With fluctuating market prices, vendors choosing to sell at auction has become increasingly popular. For buyers and sellers alike, auctions can be daunting for first timers, but there are many benefits for going under the hammer.
As a buyer, an auction is a great way to determine what you believe to be the value of the property whilst also bidding fairly and on the same terms as other buyers. Also, for those wishing to settle quickly, auctions enable a reduction in long negotiation and settlement periods.
Similarly, sellers benefit from establishing a set end date, reducing the property's days on market. Auctions create a competitive bidding environment from invested buyers who are willing to ultimately pay more to secure their home. Competitive bidding means that the selling price often exceeds the expected value, ensuring a premium result for the seller.
Whether buying or selling, our team of professionals at Century21 will assist you throughout the auction process. Call our sales office for more information on how to secure your home at auction, or to discuss how an auction can get you the most value for your property.