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Auctions vs Private Sales

By Matt Hurlston

When it comes to selling property in Carnegie, there are two major ways to go about the process – auctions and private sales.

Last month, the team at the Real Estate Institute of Victoria published some interesting information about both methods of sale. Different suburbs within the city of Melbourne tend to favour one or the other – inner city communities tend to host more auctions, while outer suburbs tend to focus more on private sales.

The sales process for auctions and private sales differs slightly. Private sales are determined through negotiations made between your real estate agent and prospective buyers. These negotiations happen out of public view, and the final selling price of your home will be determined through these discussions.

By contrast, an auction happens in public – prices are set by bidders who attend the event, which is scheduled at an advertised time and place.

The use of this more transparent sales method tends to fluctuate with overall market performance, according to the REIV. In times of weak price growth, auctions comprise between 15 and 20 per cent of Melbourne’s property sales, while in stronger times, auctions make up between 20 and 30 per cent of all sales in the Victorian capital.

To find out more about which sales method will suit your property, contact the team at Ray White Carnegie – our agents can help you determine whether an auction or private sale will be the better choice for you.

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