Auction versus private sales
Selling a house through an auction is a popular method for many Australian homeowners, however this ...
Selling a house through an auction is a popular method for many Australian homeowners, however this is largely dependent on the location and the type of property.
What may sell well by auction in one area won't necessarily achieve the same results in other locations, with the same being true about private sales.
Identifying the real estate market conditions and buying trends in your area is one of the best ways of determining which method is likely to be most effective.
Melburnians looking to sell property are likely to be interested in recent data that reveals what method is the most popular in specific suburbs.
Real Estate Institute of Victoria (REIV) chief executive officer Enzo Raimondo said the data, which is available as an online resource, is a major boon for real estate agents and vendors alike.
"The maps clearly show that auctions are the most popular sales method in the inner city whilst in the outer suburbs most sales are conducted privately," Mr Raimondo explained.
"This in part explains why the median price of a home sold at auction is higher than one sold at private sale as residential property is much more expensive in the inner suburbs."