AUCTIONS are becoming an increasingly popular way to sell property in the Top End, Darwin real estate professionals say.
One local business proving private treaties aren’t the way Darwin properties are selling is Real Estate Central.
The Darwin-based team are hosting a “Christmas Clearance In-Room Auction” on Saturday where a total of 22 properties will go under the hammer, with a clearance rate of 70 per cent expected.
Real Estate Central director/owner Braden Menzies believed auctions were a much faster way of selling property compared to a private treaty.
“In this market it’s important to go through an auction rather than ask a price that’s unachievable that people keep rejecting,” he said.
“The average days on the market with a private treaty are around 130 in Darwin but the average days on the market with an auction are 45.”
Real Estate NT’s George Pikos echoed Mr Menzies’ views and believed more people were opting to sell property by means of an auction.
“It makes sense to go to an auction because in today’s difficult market, it’s hard to get people to come to an inspection that has a predetermined price,” he said.
Mr Pikos said he typically facilitates around 20 auctions a year, with the average days on the market much lower than properties sold through a private treaty.
“While many properties don’t sell on auction day, they quickly sell afterwards – typically within two weeks,” he explained.
First-home buyers and investors looking to snap up a bargain at Real Estate Central’s mega auction day will be able to choose from units, houses and apartments across Darwin and Palmerston.
The Real Estate Central Christmas Clearance In-Room Auction kicks off from 11am on Saturday at 29 Cavenagh Street.