Would you rather sell or buy a home at an auction, or in a traditional negotiated sale? Both options have benefits and drawbacks, and the popularity of each method can gain and lose popularity depending on market conditions.
Currently of interest to those considering buying or selling real estate in Brunswick, the local auction market in Victoria is looking strong, and are set to hold onto a larger market share, according to the Real Estate Institute of Victoria (REIV).
In what may be a surprise, more sellers are choosing to auction their properties. Over 17,000 auctions have been held so far this year – a 13 per cent increase from this time last year.
As well as this, the year-to-date clearance rate has moved from 60 per cent last year to 70 per cent, breaking records. REIV reported that auction sales this year have reached $8.2 billion in sales, whereas last year it only amounted to $5.7 billion.
Would these stats encourage you to head to an auction to look for an investment property, or would you hang your own house on the fate of a hammer?