According to CoreLogic’s latest Property Market Indicator summary, auction activity is strong, with the combined capitals preliminary clearance rate steadily increasing, standing at an impressive 19.1% higher than the same time last year.
Jordan James, licensee and managing director of Realmark Karratha, recognises the pivotal role of transparency in the success of auctions.
“Auctions provide a platform where buyers gain transparent insights into the offers being made by other potential buyers,” Mr. Jordan says
“In a standard Private Treaty sale, we’re limited to what we can tell buyers about other offers, and this limitation can lead to prospective buyers missing out on properties and later expressing regret at not knowing about competing offers,
“Auctions eliminate this information gap, allowing everyone to see real-time competing offers and adjust their price range accordingly. If they’re outbid, at least it’s on their own terms.”
Mr. James and the Realmark Karratha team have achieved remarkable success through auctions, recently selling a Baynton home under the hammer for over $1 million, a first for the region in several years.
This emphasis on transparency and its impact on buyer decisions is further underscored by David Murray, Residential Sales Consultant at Realmark Urban.
Mr. Murray has facilitated the sale of six homes this year via auction, an impressive testament to his expertise and the emerging appeal of the method.
“Access to information is vital for enabling buyers to conduct thorough due diligence and make informed decisions, and auctions offer a genuinely transparent system,” he states.
“They result in a cash unconditional sale, with settlement terms that sellers can fully manage; it's like receiving real-time market feedback without the ‘smoke and mirrors’.”
Realmark continues to provide its network with a comprehensive suite of resources and support to enhance the overall auction experience.
From detailed guidelines to promotional merchandise and seamless auction day logistics, including local food and coffee vendors to enrich the atmosphere, Realmark ensures that auctions are an immersive experience that optimises real estate transactions for both buyers and sellers.