Auctions are becoming increasingly popular in the Brisbane real estate market. They create competition, a bit of theatre and they can elevate prices.
The Auction process brings a sense of urgency to a campaign as they run for only three or four weeks before potential buyers must reach a decision.
Vendors selling by Auction need to be prepared for their property to be widely advertised and accessible for viewings and inspections throughout the whole campaign. Vendors have the right to sell prior to the Auction date if an attractive offer is received. At the Auction, the property is sold to the highest bidder once the vendor’s reserve price has been reached.
If the property fails to sell at Auction, it’s generally placed up for Private Treaty. In most instances, properties then sell privately within two weeks.