But the high drama of auctions has not always appealed to the Brissie buyer and seller.
Recent reports suggest Brissie’s auction market is seeing more activity.
But what’s right for you if you’re thinking of selling?
The main upside with an auction is that buyers are competing against each other and this can drive up the price. But it doesn’t always work this way. The clearance rate for auctions is the percentage of homes that sold at auction during a point in time.
For example, a quick check on realestate.com.au for the second week of July showed a clearance rate of 48 per cent. That means of 221 properties auctioned in Brisbane that week, 106 sold but 115 didn’t.
Homes that don’t sell at auction may then sell afterwards as negotiations with bidders or other interested buyers continue, or a home may be withdrawn from the market.
In Brisbane is still more common to sell a home via a private sale, listing your home through an agent and advertising and inviting buyers to view your home.
This can be a lower pressure way for buyers to view and consider your home, and a good agent can still create a sense of competition between buyers without the imminent threat of the auction hammer.
Unlike an auction you don’t have a set date upon which time your house will be sold, however some sellers invite interested parties to submit offers by a certain date.
While seller preferences are something agents need to consider, the decision to sell your home at auction or via private sale should be considered with the local market in mind.
A good agent will advise you on your options and recommend a sales strategy tailored to your particular property type in your location.
Thinking of selling? Find out how much your property is worth or talk to us about selling.
