PUBLIC AUCTIONS ARE NOT WHAT THEY ONCE WERE WITH VENDORS OPTING FOR PRIVATE SALES IN RECORD NUMBERS…
An investigation of sale activity in Melbourne for the first three months of the year shows that the number of homes listed for auction was down 53%. But private sales have surged, increasing by 26%.
Historically in Melbourne there has been a 70:30 split between private sales and auctions. Based on the above research the split is now 85:15.
Anecdotal evidence suggests this is also happening in other capital cities.
Buying at private sale needs careful and detailed investigation and excellent negotiating skills. Buyers must now research, locate, evaluate, negotiate. This can be time consuming.
Negotiating one on one with vendors agents can also be stressful if you want to avoid paying too much for a property. There can also be a hidden market which you need to tap into. Some of the best buys can be found in this category.
If you want some tips on how to go about this process contact our Acquisition Team on 02 9449 2333 or at loans@planassist.com.au
It is a complex marketplace out there and you need to approach a purchase with a more strategic outlook. There can also be a hidden market you need to tap into to – who is thinking of selling and who is amenable to selling. It is estimated that only 70% of what’s available are visible in newspapers and the internet.
We can help you move in the right direction!!
