Fear of auctions is causing buyers to miss out

Property affordability is improving across the nation, however some buyers may be missing out on some great deals because they don’t want to bid at auctions.

New research from Westpac’s Home Ownership Report has revealed that over half (56%) of home owners looking for their next property purchase admit they are too scared to buy at an auction, with 46 per cent saying they aren’t confident they know what to do.
 

Westpac’s data shows that auction numbers have declined over the last year against a softening market, however there has been a recent uplift in the number of homes taken to auction.

CoreLogic Quarterly Auction Market Review report for the first quarter of 2019 shows a clearance rate across Australia’s capital cities of 49.9 per cent out of 14,647 residential auctions, this is an increase of 6.6 per cent over the December 2018 quarter.

With auctions remaining a popular way to sell throughout the country it’s worth a buyer’s time to educate themself about the auction process. 

“Auctions can be daunting, but again, by doing their homework and being well-prepared, home buyers can feel confident to make the most of current opportunities,” Westpac’s general manager of home ownership, Will Ranken, said.
 

“To ensure the best chance of success, home hunters should observe several auctions before they bid; thoroughly research the property they’re interested in; and ask the selling agent for comparable sales.”

For information or advice about auctions in the Werribee area contact Professionals Triwest Real Estate.

Sources:

https://www.westpac.com.au

https://www.corelogic.com.au

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