Sale by auction utilises a set cost and marketing period with a predetermined deposit and settlement date. This format is very good for properties in high demand so that it can generate competition. In conjunction with you, a minimum sale price (the reserve) is established and the price is negotiated upwards, unless the reserve is above the current market price.

Points to consider:

An auction campaign is usually held over a three-week period with the auction being held on site on the fourth Saturday. Home opens are usually conducted for a one-hour period on Wednesdays and Saturdays.

Auction is a means of sale often favoured by vendors of properties of unique attributes because it allows the market to determine the fair maximum value.

An auction allows you to pre-determine your own date of sale and settlement. In the present market conditions we recommend the settlement date be 60 - 90 days after the fall of the hammer.

The sale is of an unconditional nature. The successful purchaser is usually required to pay 5% to 10% on the fall of the hammer and the balance at settlement. Bidding can not be conditional and there is a high probability of the contract proceeding successfully to settlement.

Auction will often allow vendors to obtain the highest market price by creating competitive tension between opposing bidders. Note that this is usually only in a lively market for properties in high demand.

50 Vincent Street, Nedlands - "The selling process with Mark in charge was as smooth and stress free as we could have wished for. Mark held our hands through the whole process from getting our house picture perfect for sale right through to the end of sale process all with his no nonsense, calm approach. Thank you Mark, we'd have no hesitation in using your services again."