The popularity of auctions has soared in the last 12 months, with one Western Australia real estate group recording a significant increase in auction bookings.
According to Craig Wildman, ACTON general manager and auctioneer, the group has seen an increase in the number of auctions performed.
"The number of people choosing to use auctions to sell their property increased 63.87 per cent this financial year, and it's still possible that we may book a few more auctions for the last weekends of this month," Mr Wildman said.
"Auctions are under utilised in Western Australia. Speaking generally, many salespeople don't offer auctions to their clients as they themselves don't understand the process.
"Our salespeople are given training to make sure they know the benefits of auctions for both buyers and sellers. They know that it is a multi-stage process with several opportunities to sell, and success does not just depend on the auction day.
"We also have a team of highly experienced auctioneers, who call our auctions, mentor our salespeople and are available to explain auctions to sellers and buyers."
Mr Wildman said the statistics speak for themselves, with ACTON auctions selling properties in an average of 31 days. According to the Real Estate Institute of Western Australia (REIWA), the average days on market for auctioned properties across the market is 39, with private treaty sales taking an average of 63 days to sell.
"Sellers don't need to wait for auction day to accept an offer, 22.81 per cent of our auctions this financial year sold prior to auction, 17.54 per cent sold under the hammer, while the remainder were passed in. However, a majority of these then sold within two weeks of the auction," he said.