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News Understanding the role of the auction

Understanding the role of the auction

Real estate & property news
20 July 2024
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Having been involved in the real estate industry for so long now, you get to know which aspects of the property market people are most familiar with, and which are still a source of confusion for some people. To my mind, one of the least understood aspects of property sales around Melbourne is the auction, particularly when it comes to what occurs when a property is “passed in”.

I’ve lost count of the number of times I’ve heard from people, (usually uninformed neighbours more than any other), who watch a property in their street being passed in at auction, and they assume that the auction has “failed”. In the vast majority of cases, this is totally wrong.

A prime example of this can be seen in the recent sale of an unusual five-bedroom home at 82 Messmate Street in Lalor, which we took to auction a couple of weeks ago. What you wouldn’t know unless you were closely involved at the time is that the people that we felt were the strongest buyers for this property were not able to bid on the day due to some details still being worked out on their current property.

So, as agents who believe very strongly in acting in our vendor’s best long term interests, (rather than simply putting on a show for the neighbours and getting a lesser result for our clients), we advised our vendors that we should “pass in” the property on the day and continue working with our buyers until we were able to assist them in putting forward their best offer.

The end result, as you can see from the photo, was a very pleasing sales which was finalised during the week before last, with some extremely excited buyers looking forward to taking their next step on their property journey while our happy vendors are moving ahead with their plans, just as they hoped.

With the official start of the Spring selling season now just a matter of weeks away, it’s a great time to be putting your own plans into action. So if you need any assistance or advice from an agent who is just as focused on your best possible result as you are, give us a call at Barry Plant Thomastown this week on 9466 3233.

Regards,

Con Constantinou

Barry Plant Thomastown

Real estate & property news
20 July 2024
Save Article

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