A leading real estate agency says mid-week auctions provide greater convenience for both buyers and sellers.
Hockingstuart director and auctioneer, David Wood, told REB the group’s mid-week or twilight auctions should see it “capture the whole market”.
“We should be able to capture the whole of the market, rather than it being segmented around a suburb, looking at a number of auctions that take place on a Saturday,” Mr Wood said.
Mid-week auctions have not necessarily increased sales for his agency, but it has the convenience factor for buyers.
Hockingstuart Albert Park has been conducting mid-week auctions for close to 20 years. According to Mr Wood, approximately 95 per cent of the agency’s auctions are held on the weekend, while 5 per cent are mid-week.
“When there's other weekends that are inhibiting the normal weekend trade, people will look towards a mid-week auction,” he said.
So far the agency has experienced a clearance rate of 100 per cent with its mid-week auctions. Mr Wood said their main advantage is offering flexibility to potential bidders.
“The advantages would be for people that are away on the weekends, so they're either tied up at an event or they can't get to the house,” he said.
“I think that the success rate of mid-week auctions probably wouldn’t vary from the success rate of other properties. A property needs to be able to perform in its own right and stand out for reasons other than its auction time.”
Mr Wood’s most recent auction was held on Tuesday evening where three of four interested parties made bids from a crowd of 150 people.
The four-bedroom house in Middle Park sold for $3.01 million, about $200,000 above the asking price.