Bayleys news & articles

Big Call bidding debunked

Tags: Auckland Residential

The roar of the auction room, palpable excitement and nervous anticipation have long made a sale by auction, the New Zealand seller’s preferred method of choice.Yet, the interactive process can still intimidate even the most seasoned investor.

With a sale by auction accounting for the majority of transactions in the market today, it is no accident that New Zealanders are choosing to sell their homes under the hammer.

As activity in the domestic property market has reached feverpitch in the last three years, the driving force - a disparity between supply and demand has fed the growing popularity of the auction process. Thriving where housing stock is relatively low and competition to buy is at an all time high.

For those not accustomed to the energy of the auction room, it can be an overwhelming situation, yet there are many positive reasons it remains the favoured avenue for sale.

Likened to a performer's stage, auction day is a property's time to shine. A carefully planned campaign of public advertising and open homes, allows buyers the opportunity to inspect the property with a fine-toothed comb.

With deadline a catalyst for action, no other sale option provides such a level playing field for anyone interested to buy.

Nationally, purchasing property has truly been an exercise in timing, and shoppers wear many hats - waiting for the planets to align between developments of urban infrastructure and announcements from the Reserve Bank.

Yet, the heat of the auction room provides some comfort, as a sale on the day is deemed "cash unconditional", and buyers take encouragement from the fact that a sale under the hammer is full and final, without the waiting, and wondering of a conditional contract.

As the regions experience such unpredictable change, it's virtually impossible to attach an accurate price-tag to property. The transparency of the auction process allows the market to speak for herself, and buyers to set the tone for value.

In recent years, the Bayleys Big Call auctions have yielded impressive results. Generating New Zealand's single biggest residential property event has left a multitude of sellers with smiles on their faces - but it wouldn't be without the customers who have recognised acquiring property under the hammer as the easiest way to buy today.

Timed to revitalise buyers and sellers after their winter hibernation, this Spring's Big Call auctions have seen more media coverage than ever before, exposing properties for sale to the widest possible audience, paving the way for property to attain the truest market value.

While national media coverage explains we are amidst a true "sellers-market", testimonials received by our residential agents indicate that the satisfaction is mutual. With movement in the property industry so well-documented, bidding at auction need not be daunting, and it's the perfect time to find out how the thrill of the auction room can work in your favour."

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