Home in WA - The rising popularity of auctions
In this episode of Home in WA, host Jon Williams sits down with The Agency auctioneer Tim Gossage to discuss the auction format’s increasing popularity in the state.
Catch Home in WA every weekend on Channel 7, where we take you on tours of some of the most gorgeous properties WA has to offer, and provide property market insights you can use.
Interview with The Agency auctioneer Tim Gossage
In Western Australia, the two most popular ways to sell a property are either by private treaty or by auction. Despite the eastern states’ tendency to use auction as the preferred method of sale, WA has traditionally stayed on the private treaty side of the fence.
Some would say, however, that the tide is shifting. While there are arguments for and against both strategies, you simply can't go past the compelling results that are being achieved using the auction process across the state.
To find out more, host John Williams caught up with a licensed auctioneer, Tim Gossage.
Jon Williams: Tim, why is it you think auctions are such a good selling strategy?
Tim Gossage: Well, one word encompasses the whole auction process. It is ‘transparency’. As a bidder, you see your opposition. You're all at the same property on the same day. And every time you raise your hand, put a bid, it's an offer. Basically, you've reached the reserve, the property changes hands, the keys get exchanged. Job done.
Jon Williams: And do you think Western Australians are finally coming around to the idea of an auction?
Tim Gossage: It's certainly been a slow burn, but we're getting there. Eventually, I think it probably won't be as prevalent as it is in the eastern states, where that’s predominantly the way that they sell their properties. But I think word of mouth, success rate... You gotta remember, if you don't reach the reserve, it's not the end of the day for the auction process. The auction process often brings the best bidders and the sale together, and therefore negotiation starts. So with the auction process, as much as you want to reach the reserve and sell, you actually do bring all the parties together, and then it could go through that private treaty process. But at the end of the day, I think we're winning the battle convincing sellers to go through the auction process.
No doubt there are mixed emotions around auctions here in WA. But if you look at sales results being achieved, you surely have to consider it as an option. To speak to one of our expert property partners about your home, go to theagency.com.au