Welcome to the May edition of “The Hammer Report”.

Thirty percent of properties in “Auction” mode were sold prior to the Auction day, a number we have not witnessed for quite some time. This is an interesting statistic as it uncovers a number of facts that support the power of Auction in today’s market place over any other form of marketing. That is; a seller placing their property on the market will generally spend more time and money preparing their home hence showcasing the true qualities to potential buyers which derives the emotional senses for a buyer to act.

The buyer knows all potential competitors to the home are treating under the exact same terms which creates a completely transparent platform so the only point of difference will be dollars to the seller and last but not least, the looming completion of auction day can drive a buyer to perform at or beyond their “emotional” value of a property to “fear of loss” value to ensure there dream home is not lost to another buyer. Without question a win-win result for buyer and seller.

The number of bidders present at the auctions this month was impressive which bodes well as we head toward the winter months, this was shown in a dramatic way when we offered a potential development site in Balcatta with the agent running out of bidding paddles on the day, a site for any auctioneer’s eyes to behold!

All in all, May proved to be a strong month with plenty of confidence at most auctions, even with the properties that didn’t sell within the thirty five day window most of these sellers have been presented with the opportunity to sell however have chosen to not accept that opportunity.

Auctions continue to drive results that the days a property is on the market is dramatically reduced which in turn means a far more positive financial result for the seller