Perth auction market hits 15-year high in December 2015

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While they still make up just a small proportion of total sales in the city, auctions seem to be becoming an increasingly popular choice for vendors in Perth according to Western Australia’s peak real estate body.

According to the Real Estate Institute of Western Australia (REIWA), Perth’s auction market hit a 15-year high in late 2015.

“Auctions are becoming more familiar to West Australians, and Perth sellers are increasingly more open to this selling method," REIWA president Hayden Groves said.

"While private treaty remains the most common way to sell a property in Perth, auctions did hit a 15 year high in December 2015, with 3.1% of all sales in the metropolitan region happening under the hammer,” Groves said.

“This figure did dip in January due to seasonality, but recovered quickly and was back up to 2.9% in March,” he said. 

While they are still not the preferred method of sale for the vast majority of Perth’s vendors, Groves said the exposure auctions receive on TV was helping their popularity.

The small number of vendors in Perth who do choose to put their home under the hammer are also likely to see a sale completed in a smaller period of time.

“The average selling days for auctions decreased steadily last year with each passing quarter and it is now 26 days faster to sell by auction than private treaty,” Groves said.  
 

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