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PPG_Blog_August_image 8_choosing method of sale

Most vendors are aware of the two traditional means of selling a property, by public auction or private sale, although many might not realise that the popularity of these methods of sale can fluctuate according to the health of the market as well as the circumstances of the property for sale.

In a healthy market, auctions tend to be more popular in Melbourne (particularly inner city suburbs) and for significant regional or rural properties, as they can take advantage of a larger or more engaged buyer base – giving them a greater opportunity to see or show an interest in the property.

By contrast, private sales are more popular as a means of testing the water and as a method for selling property in a subdued market or where the location and market conditions warrant it.

For context, the proportion of public auctions in Melbourne has been as high as 70% of house sales but dropped to as low as 30% in recent years – however the REIV is reporting current figures of closer to 50%.

For further consideration is the emergence of ‘private auctions’ and ‘expressions of interest’, which have proved popular in some areas, particularly at the premium end of the property market.

Whichever method of sale you choose, key considerations include the location, likely levels of interest, timing and urgency of sale, competition from market volume, and most importantly advice and insight from your local Property Profile Group real estate agent.

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