Media reports can prompt some to over value: Auctioneer

Jennifer DukeDecember 7, 2020

With another of Sydney's biggest auction weekends coming up, Will Hamspon, an auctioneer for My Auctioneer, warned vendors to be careful with their reserve prices.

Noting that the market is the hottest it has been seen in years, Hamspon said that vendors may miss the boat if they wait until January. They should also be careful not to over-expect.

“Weekly media reports of record prices can prompt some vendors to over value their property and in turn buyers can be spooked if reserve prices are too high," he said, noting that some vendors are rejecting good offers causing buyers to be hesitant.

Auctionner Kate Lumby also noted that vendors need to be realistic.

“The auction culture is growing in Sydney and buyers are doing their homework. They have access to the web, they follow real estate commentary and in most cases they know the value of a property,” Lumby said.

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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