Auction Campaigns Sell Homes Quicker even in a Buyers' Market
Of the Sydney properties listed for auction in February, one quarter sold prior. This shows that vendors are very willing to accept a firm and reasonable offer when presented early in the campaign. Our advice to buyers is; if a property ticks all the right boxes, start a conversation with the agent early and get negotiating.
Although auction clearance rates remain low, hovering around 55%, we still tend to favour an auction campaign because it provides a defined timeframe for buyers; stimulating a sense of urgency that can not be achieved when selling by private treaty.
When a property fails to sell at auction, it will usually sell within the next two weeks by negotiation. The fact that our average days on market in Botany is still only five weeks supports this. Statistics from Domain.com also supports that homes sell quicker using an auction campaign even in a buyers' market.