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Sandringham Snapshot -November 2023

Updated: Nov 17, 2023


MEDIAN SALE PRICE AN INDICATION OF THE LOW NUMBER OF HOUSE SALES COMPARATIVE TO UNITS!


With only two homes selling in October that were on a full site, the median price dropped significantly due to the larger number of units and townhouses / half site properties being sold. Not a good indication of the positivity that we are actually seeing in the post-election market. Open home numbers have generally been high for Auction properties and new listings, with multiple bidders and multiple offers on most properties. We are seeing an increase in the number of new listings, as expected since the election, as many owners are now looking to sell prior to Christmas, which is giving more choice to buyers.


ARE AUCTIONS THE BEST WAY TO SELL YOUR HOME IN 2024?


Not every property is an Auction property, so feel free to have a conversation with us in regards to the best method of sale for your home. But generally speaking, we're big on Auctions, because we have so many case studies of our past successful Auction campaigns that prove they are your best chance to sell quickly, and for a premium price.


Yes, not every Auction property sells under the hammer but it has a higher percentage of getting sold than any other method of sale. If you then look at clearance rates, so a property taken to Auction that doesn't necessarily sell under the hammer but does sell shortly after, then the success rate of selling is significantly more than any other method of sale.


Why do Auctions work?


Here are a few of the key benefits:

​​​​​​​

1. No price campaign attracts buyers based on your home features, not their initial perception of value


2. Sets a deadline to create urgency and keeps days on market short


3. Allows us to gather genuine feedback to help ensure we achieve a premium price


4. You set the terms such as settlement date and deposit amount


5. Bids are cash, unconditional, so at the fall of the hammer the property is sold and deposit is paid


6. The Auction campaign allows us to speed up or slow down interest / activity, depending on whether we have the right buyer yet, or the right price yet


7. Bidders can see their competition which is the only way to truly increase someone's perception of value, ensuring the best buyer with the biggest budget is successful


8. Auction is a process and if the best price is not achieved on Auction day, we can then move to Phase 2 post Auction, with an Asking Price and opening up to conditional interest


9. Gives you the highest rate of success, selling in the shortest amount of time and for the best price when compared to any other method


Personally, we believe point 7 above, is the most vital. People tend to have a follow like sheep mentality. The buyer with the biggest budget may not necessarily see value in a home at the top of their budget and so any offer, even with strong negotiation skills, will come in at their perceived value. It's only under a competitive Auction environment, when this buyer sees others bidding above their perceived value that they start to think, "well, I have more money to spend and if everyone else sees value higher then maybe I should too."


At the end of the day, the goal is to find the best buyer, who will pay the best price!​​​​




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