Hammer Time is the way to go
A DARWIN real estate expert says vendors should put their homes under the hammer if they want a sale.
Braden Menzies, director of Real Estate Central, said in his experience auctions were producing better results than private treaty sales.
“We’ve sold eight out of 10 under the hammer in the last month with multiple bidders,” he said.
“Even though only 30 per cent of our listings are auctions, they make up 70 per cent of our sales. If a property doesn’t sell at auction, it usually sells within a week or so.”
Just this week, Real Estate Central agent Simon Watts auctioned a property at 35 Rossiter St, Rapid Creek, which attracted a crowd of 40 and six bidders.
The property was passed in but sold for $735,000 minutes after the auctioned ended.
Mr Menzies said auctions offered a shorter time on market, a transparent negotiation and, if agents were smart enough to have building and pest reports done in advance, an easy sale process.
Auctions also gave both parties are realistic idea of what a home was worth.
“If you’ve got a property for auction and you’ve got bidders there, the market will speak,” Mr Menzies said.
“The buyers decide what they want to pay and they can see if someone will pay more. And the property owner only has their house on the market for three weeks rather than six months.”
*Source: NT News
