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Auction Update

By Kate Williams

​​​​​​​59% of homeowners that have taken their properties to auction this year through Morris & Co, have been rewarded with a cash and unconditional sale within the first 3-4 weeks on the market. We are seeing more ‘one bidder’ auctions which isn’t uncommon in a market where there are more options for buyers than there was 6-8 months ago. Sure, more than one bidder in an auction room can appear more exciting, but we still see premiums achieved in these scenarios, the back and forth just happens off the auction room floor.

For the buyer, they have an opportunity to purchase the property before the conditional market and their feedback tells us they would rather secure the property through a transparent process than put in a blind offer with no option to increase it if someone comes in above them. In an auction room or negotiation, they can change their minds as many times as they like! For the owners, their preference is to sell with no strings attached to a cash buyer, and in a reasonable timeframe. Hence their commitment to go to auction in the first instance.

​​​​​​​For the remaining 41% of properties that have ‘passed in’, there may be conditional buyers in the wings hoping for the opportunity to put pen to paper but if not, we have learnt a whole lot about where buyers see value and what they think of the property – information that we didn’t have before going to market which means the owners are now in a far stronger position moving forward to either price the property or look at offers with confidence. 

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