Another house nearby having exactly the same auction time and date

We placed our investment property up for sale recently for auction on 1 sept 11am. A nearby property which by looking at pictures slightly superior, since changed its auction time from8 sept to the exact same auction day and date as ours. The price range is about the same. What would be the best thing to do? Should we make our auction earlier or later?
My thinking is if we make it earlier and they follow, what to do? If we make it later, they probably won't follow. Or is it best to just ignore them? We are concerned that the crowd will be split or more importantly buyers have to decide which auction to attend.

 

Best advice should come from your RE agent.

But if it were me, I would not stay at the same time as a nearby, slightly better auction. As you said, this would split the buyer pool, and maybe not in your favour.

I would quietly change the auction booking to around 1pm, but not publicise it until closer to the time. That way you might pick up the losing bidders from the other auction as well as your pool of buyers.
Marg

 

That happens all the time in inner Brisbane ..You can look at this several ways,anyone that's interested in your property will not be at the other auction ,they will be at your property with a price in mind with the50 plus other people standing on the footpath and out of that 50 -10 may sign up and only 4 bid ..
If you think you will be a victim of 2 colliding forces then just change the times,myself leave it the way it is because it will bring out the serious buyers that will target your property ..imho..

 

Dont have it same time.

 

Only if the agent is really good. I had a clash with my Melbourne auction and the rea advised it would not be a problem. It was a problem.

I think earlier is a good idea. I don't think keeping it the same time is a good idea. I have seen this before and it does split the buyers

 

@Younginvestor2

I would say better for the better house to go first and the cheaper to go second.

E.g. we bought a renovated 4/2/1 for 510k (2011) at 11:00am on the same day and 6 houses up the street was a 3/1/1 unrenovated sold at auction at 1:00pm (2 hours difference) for $467,500.

At the time to extend the house to make the 3/1/1/ (our house was previously 3/1/1) into a 4/2/1 would easily be 60k + reno cost for the kitchen, bathroom etc would easily added another 20k making the totals either $547,500 if using the reno cost ontop of cheaper sale price or $430,000 if you took 510k - reno cost.

To be honest after our auction I felt the other house/unreno was going to get 430k and this is at a time of underquoting which it was being advertised at $360,000+

Hope this helps - however you will never actually know which is/was the better way.