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What Happens if my Property Doesn’t Sell on Auction Day?

By Kate Williams
This is a question I often get asked by owners when deciding on what method of sale they will choose. In the peak of the market last year, the chances of selling on auction day were higher than not. A year later, the tables have turned – but not just for auctions. Deadline sales and other methods of sale have been affected even more so.
What the statistics tell us is that you have a higher chance of selling your home within a 90 day period (the length of a standard listing agreement) if it has gone through the auction process vs properties that have not gone to auction and have been listed under a deadline sale, fixed price or price by negotiation. For those of you who like the raw data, if you take your property to auction you have a 30% chance of selling within the first 30 days vs a deadline sale or similar method will give you a 5% chance. If your property passes in at auction, you have a 43% chance of it selling within the next 30-60 days vs a deadline sale or similar method will give you a 27% chance over the same period.
With auctions outperforming every other method of sale, if you are thinking of coming to the market I highly recommend asking your agent about auctions. Failing that, come and talk to your only local auctioneer (yes, that’s me!).
Ben McNab – Auctioneer
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