Inner west homes going to auction sell three times faster than private treaty listings
Sellers taking homes to auction this spring are likely to sell their property three times quicker than those who don’t.
An analysis of Australian Property Monitors by Cooley Auctions found 89 per cent of all homes due to go to auction in the inner west last month sold in less than 28 days.
The rate dwarfed the 34 per cent of private treaty sales that sold in that time frame. Homes listed as private treaty take on average 78 days to sell.
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According to CoreLogic, the inner west also had a 90.47 per cent clearance during August. Last weekend the rate was 89.19 per cent from 37 properties selling.
The best result from the weekend was at 21 Carrington Ave in Strathfield, which sold under hammer for $900,000 above reserve at $3.52 million, after competitive bidding from two parties.
Colley Auctions auctioneer Michael Garofolo said auctions are still the most effective way to sell in the current market.
“If you want to sell your home quickly, then auction is the way to go,” he said.
“It doesn’t matter what property you have, as you can auction anything and get a result.”
Mr Garofolo said homes that fail to sell at auction still managed to sell in a short time frame.
Belle Property Balmain principal Lynsey Kemp said it was a great time to be selling via auction with stock levels remaining low.
“The increased competition can mean vendors end up with more money,” she said.
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“The auction method also gives everyone a tight four-week deadline to get everything sorted.”
Ms Kemp, who plans to take Nathan Absalom and Nerida Croker’s house at 124 Foucart St in Rozelle to auction this weekend, said auctions also allowed for sellers to receive good feedback from buyers on price.
Ms Croker said the four-week time frame made selling at auction attractive for her family. “The thing we like most about selling at auction is the fact we have a fairly set time frame to sell, as opposed to private treaty where the end date is undetermined,” she said.
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