Home buyers are not keen to wait in 2018
There is no doubt that auctions have become a more common method of sale in our part of the western suburbs in recent years. This is not surprising given that increasing demand from home buyers has created more competition for the limited number of available properties, the ideal setting for an auction to work well for the seller.
Given the strong run of outstanding auction results our team at Barry Plant Sunshine has been able to achieve for our vendors during the past year, you might assume that all the great property sales in our area are being completed at an auction. But that’s not always the case.
In fact, we’ve noticed a trend in our area where buyers are becoming more willing to make very strong offers early in an auction campaign in the hope of securing a property before it gets to auction…and that’s on top of some terrific sales we’ve achieved through private sale negotiation as well.
For many vendors, accepting an offer prior to auction can be a difficult decision as you can never be 100% sure what may happen on auction day once the competitive juices start flowing between multiple bidders. It’s very much a question of “the bird in the hand versus the two in the bush”.
This trend towards making early offers was very apparent this week, with the majority of this week’s sales being achieved this way.
One example involved a good looking 3-bedroom home in Dresden Way, Sunshine West, (pictured), which was due to be auctioned before the long weekend in March. However, such was the strength of interest from buyers as soon as this one hit the market that the vendors decided to accept a very determined offer of $770,000 rather than taking a punt on waiting for auction day.
A similar situation unveiled itself around a modern townhouse in Braybrook, with the scheduled auction now cancelled due to a very strong early offer.
Obviously, buyers wanting to “stop an auction” know that they need to make a very compelling offer if they want to convince a vendor not to wait for auction day, but it certainly does make for an interesting decision for many home sellers.
The important thing to remember with situations like these is that you are receiving informed and up-to-date strategic advice from an agent who has their finger on the pulse of the local property market. So, if you are considering making a move in 2018, feel free to give our team a call on 03 8326 8888.