However, one of last week’s announcements has already opened up some new possibilities in the Melbourne property market. This was the news that onsite auctions are now permitted, albeit with several restrictions to keep everyone safe.

This move is important if you are planning on selling before the end of 2020, as it provides an additional option when it comes to choosing your preferred method of sale. Just keep in mind that the rules that apply to onsite auctions in metropolitan Melbourne include:

• There is a limit of 10 members of the public attending any onsite auction, along with a small number of agents to conduct the auction, (and the vendors of course).
• The auction needs to be conducted outside. This should make life interesting if you happen to get a sudden downpour.
• Onsite auctions in the metropolitan area can only be attended by bidders who reside in the Melbourne metropolitan area. Thus, if you live in regional Victoria and want to bid, you will have to do it online.

One piece of advice we would emphasise is that if you are going to be bidding at an onsite auction this Spring, make sure that you register your interest with the agent well before auction day. This is important in the event that another bidder decides to make an offer prior to auction, in case you would like the same opportunity, but given that there is a limit of 10 bidders attending the auction, later registrants may be forced to bid online rather than attending the onsite auction itself. The earlier you register your interest, the more likely you are to be invited to attend the online auction.

Other measures that you may see agents introducing include holding onsite auctions in the back garden, discouraging spectators from attempting to join the crowd during proceedings, or even marking bidder positions with an ‘x’ on the ground, similar to what we see in the supermarkets at the moment.

Of course, not every auction will be conducted onsite. As you may have noticed, virtual online auctions seem to have gained acceptance with quite a few buyers during the pandemic, producing many excellent results for clients of Barry Plant in 2020.

If you are planning on selling this year, one of the most important decisions you will need to make is whether your property, the market in your area, and your current situation are suited to an auction or one of the other effective marketing methods we offer. Helping you to choose the right type of strategy and the right timing is just part of the service we provide, so don’t hesitate to give the team at Barry Plant Frankston a call this week on 9781 3100. We look forward to being of assistance.

Regards,

Barry Plant Real Estate

Frankston & Cranbourne