1. Leverage the property’s character
Pamela Yardney, director of Metropole Property Investment Strategists’ says vendors should leverage the character in their property to take advantage of the emotionally charged environment of auctions.
“The auction process generally aims to provide a quicker result, making it a more alluring option for many sellers. However, the wrong type of property can fail to move at auction and potentially languish on the market for an extended period of time,” Yardney says.
“Auctions are most effective for properties that are unique or special in some way, such as a rare architect designed or period style home. Properties that are generally highly sought after, in a good inner city or bayside location and/or where it might be difficult to put an exact figure on their worth (due to a lack of comparable stock), also often do well at auction.”