However, there is no doubt that the announcement last week that onsite auctions are returning to the landscape in metropolitan Melbourne was one more sign that the property market is slowly but surely returning to more ‘normal’ conditions…assuming of course that any aspect of life this year could be called ‘normal’!

What you need to be aware of if you are planning on selling before the end of 2020 is that there are a number of restrictions on the conduct of onsite auctions. The most recent rules affecting onsite auctions in metropolitan Melbourne include:

• There can only be a maximum of 10 members of the public at any onsite auction, along with the number of agents required to conduct the auction, and the vendors.
• The auction must be conducted outdoors, which will make life interesting if the weather is against you.
• Onsite auctions in Melbourne’s suburbs can only be attended by residents of the metropolitan area. If you live in regional Victoria, you may only bid online.

If you are going to be bidding at an onsite auction this Spring, make sure that you let the agent know of your interest well before the scheduled auction day. Not only will this give you an opportunity to get involved if someone makes an offer prior to auction, but the limit of 10 bidders attending the auction may mean that some buyers 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.

You may also find that, as result of the current restrictions, agents may look at holding onsite auctions in the back garden to discourage spectators from trying to join the crowd during proceedings, or even marking bidder positions with an ‘x’ on the ground, similar to what we see in many shops at the moment.

Of course, not every auction will be conducted onsite. Virtual auctions that are conduced online seem to have gained acceptance with quite a few buyers this year, and we have seen some excellent results being achieved using this technology.

The most important decision you have to make as a seller is to decide whether your property, your local market and your current situation are actually suited to an auction in the first place. Helping you to choose the right type of strategy and the right timing is just part of the service we provide at Barry Plant Thomastown, so feel free to give us a call on 9466 3233 to discuss your options. Alternatively, you can call me direct on 0418 331 741.

Best wishes,

Con Constantinou

Barry Plant Thomastown