Train has already left the Station… 2021 should be an Exciting Year for All!
Auctions are well and truly back into full force on the weekend with 938 auctions reported which was one of the highest number of auctions on a weekend we have seen this year. With an auction clearance rate of 84%, it remains high due to limited stock for sale on the market. In comparison, this time last year there were 1,334 auctions with a clearance rate of 78%.
Auctions are now allowed to be conducted at the property with no limit on the amount of people attending which is great news for buyers and sellers.
Although some properties have sold at auction which far exceeded their advertised quoted range, there are still plenty of properties which are selling on par or just below comparable sold properties. It really comes down to how much due diligence a buyer is prepared to do. Is their maximum purchase limit based on what the selling agents says or is it determined on their own independent due diligence? Ultimately, this determines their maximum purchase limit.
As an expert Buyer’s Agent/ Advocate we find the more ‘preparation’ one does is critical to achieving a successful outcome. Why? Because there are no surprises. In many cases often a buyer can easily purchase a particular property based on their loan pre-approval. However, because this buyer hasn’t undertaken any proper due diligence and is reliant on the selling agent providing correct information, there’s a huge possibility that this buyer will underestimate the market worth of their proposed purchase. As a result, the auction begins and the price races past what this buyer believes as being ‘fair market value’. Within the next few minutes, the property is finally sold to someone else. And the most disappointing thing is if this buyer had undertaken proper due diligence there would be a very good chance of being successful as their loan pre-approval was significantly higher than the sold price. That’s why the smartest purchasing strategy out there is to engage an expert like us,
Happy buying 😊