Saturday, October 23, 2010
Apartment Auctions in Brisbane
Newspaper reports and auction clearance statistics show that less than half the properties that are for sale by auction do not sell at auction. In fact, probably only 1 in 3 sell at or immediately after auction. For apartments, my guess is that the sales rate for sellers is even worse. The reason is that it easier to value an apartment, by looking at similar sales in the same and nearby buildings. So a purchaser is less likely to overbid (and overpay) for an apartment at auction, and thus less likely to reach the seller's reserve price.