Online Auction Index

Demand for auction continuing to grow is a prediction I’ve shared in previous Indexes, and each quarter we’ve seen record numbers of sales. In Q3, we had the largest volume of referrals and instructions from our network to date. I’ve no doubt demand will hold strong throughout Q4, in line with current market pressures.

In Q3 we saw a higher than usual percentage of referrals coming in of properties which had fallen through Private Treaty. We understood the difficult position that fall throughs can put agents and vendors in and are glad that we’re able to help. I expect to see the same in Q4, supporting vendors who may not have initially opted to sell via auction, but come to reply on it to transact within a set timeframe.

The market is seeing an increase in already agreed offers being renegotiated far into the process of Private Treaty sales, with buyers chancing securing a saving during the final stages of a transaction, Auction doesn’t run this risk, with transparent pricing fixed and set from the beginning. Sale price is a priority and non-negotiable for many vendors wanting to get the best price for their property at the moment, so its an opportunity for agents to present auction as a favourable option to meet their circumstances.