MORE THAN 60 PEOPLE ATTENDED

Another week has passed and we’ve seen further proof that auctions are getting results in the current market.

Over the last 7 days, we have sold numerous properties that have recently completed their auction campaigns, in Cottesloe, Fremantle and Bicton.

One of the highlights was an architectural masterpiece in Fremantle. Located a short stroll from restaurants and cafes and with a first-class entertaining area, this impressive home is as liveable as it is impressive. And with more than 60 people attending the auction, clearly the appeal was universal.

Despite there being 4 strong bidders on auction day, the property was passed in at $1.52 million. However, after post-auction negotiations with the highest bidder, a sale was agreed in excess of this figure.

The statistics regarding Caporn Young auctions are definitely mounting up. Caporn Young has sold 19 of the last 20 properties we have taken to auction – either before auction day, under the hammer or after the auction. Considering the general oversupply of private treaty properties sitting idly on the market, it’s apparent why many motivated vendors are choosing to go to auction.

If conducted by a skilled agent, the auction process will deliver buyers to the property and put those buyers in competition at a given time, flipping the current buyer’s market into a seller’s market. Sellers can then make a simple, informed decision whether or not to sell with the knowledge that the maximum price has been reached in the current market.

Consideration has to be given to the terms of an auction to give buyers maximum flexibility so as not to rule out any buyers.