Auctions have a long history,in fact the first auction was recorded to have taken place as far back as 500 BC.  Today as much as 85% of residential properties in Australia are sold on auction and the platform is firmly recognized as a mainstream method of acquiring and selling property.

According to Ari Ben, CEO of AuctionInc “we are seeing an uptick in the demand for residential property in the R1m-R3m price bracket and are seeing the number of registered bidders at our auctions steadily increasing”. 

There are many reasons why property auctions are becoming so popular. One such reason is due to the fact that purchasing a property by way of auction is a much simpler process than the traditional method of sale, purchasers know that once the highest bid is accepted there is no further back and negotiation required. Perhaps a more compelling reason why auctions are currently so popular is because purchasers know that they are dealing with motivated sellers who are serious about selling and are not simply testing the market.

What ever your reason is for acquiring properties on auction, there is no better time then now to snap up an opportunity on auction.