Auctions achieve faster results for Perth sellers: REIWA

Perth sellers looking for a quick sale for their property should look to auctions, with new data from reiwa.com revealing that auctions in the metropolitan region sell faster. 

Although the percentage of Perth vendors choosing auctions was still small, this method was gaining popularity because of the visibility of auctions on mainstream television, said REIWA president Hayden Groves.

“Auctions are becoming more familiar to West Australians, and Perth sellers are increasingly more open to this selling method. While private treaty remains the most common way to sell a property in Perth, auctions did hit a 15-year high in December 2015, with 3.1 per cent of all sales in the metropolitan region happening under the hammer," she said. 

“This figure did dip in January due to seasonality, but recovered quickly and was back up to 2.9 percent in March.”

Reiwa.com’s analysis found that sellers who go to auction are more likely to sell faster than those selling via private treaty. 

The average selling days for auctions fell steadily in each quarter last year and now takes 26 days less to sell by auction than private treaty,” Groves said. 

REIWA is a member-owned organisation representing over 1,100 agencies and more than 90 percent of operating real estate agents in Western Australia.