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Melbourne - Late November Auction?

Discussion in 'The Buying & Selling Process' started by albanga, 22nd Sep, 2015.

  1. albanga

    albanga Well-Known Member

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    As per topic I am keen to get some unbiased (not REA you can sell anytime) related feedback about selling in late November at auction.

    My peoperty should be ready to go to market in mid October giving me a 4 week campaign with a likely auction day of November 20.

    Anyone sold just before December and if so how did they find it?
     
  2. andrew_de_a

    andrew_de_a Active Member

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    In Melbourne at the moment you could sell on Xmas day and have no worries.
     
  3. The Y-man

    The Y-man Moderator Staff Member

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    You need to consider what happens if you pass the property in.
    Are you able to wait and hold over summer until the market picks up again in Feb or will you need to do an urgent sale pre Xmas?

    As a buyer, we find good bargains in December for this reason - November auctions that pass in.
    Many sellers have bought another property already, and a bridging loan would kill them if they hold across the summer break. Realistically the agents and the market does not start again until February.

    The Y-man
     
  4. The Y-man

    The Y-man Moderator Staff Member

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    Not so sure about that - inspected 2 properties on the weekend and they were both passed in the weekend before. I think we will see some good buying by Xmas.

    The Y-man
     
  5. tone1

    tone1 Active Member

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    I wouldn't do it, influx of Spring properties is already taking the heat out of the market and by late November a lot of the buyer pool is going to have thinned out. I don't think you will struggle to get your reserve price in the current market, but crazy over-reserve prices might be hard to come by with only 1 or 2 bidders competing for each property. Clearance rates are falling, which reflects this.

    I think more people have waited for Spring this year than last year.

    This depends on the property as well. Premium renovated properties will probably still do well.

    February/March/April is the best time to sell at auction IMO, build up of buyers over Christmas/NY, lower amount of listings compared to Spring, lots of competition.
     
    Perthguy likes this.
  6. Perthguy

    Perthguy Well-Known Member

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    It depends on the property. I'm tossing up between 24th October or 29th November for mine. Leaning towards 24th Oct at this stage. What kind of property and what area? Nov 20 could be good for you.
     
  7. albanga

    albanga Well-Known Member

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    I am quite confident it will sell as its a very hot market with a unique property. Unique being that it is a subdivided property that allows people to buy into this highly sought location without paying the 1 million price tag.

    That being said I can afford to hold but I am in somewhat of a predicament. We want to paint and polish floorboards and it's also quite cluttered. My wife is due in February so we are hoping to move out before we start fuming up the place and making life uncomfortable with living around drop sheets. If it sells in November we will be wanting a 30 day settlement and then we just have holding costs for a month plus rent, no biggie.
    If however it doesn't sell we have holding costs plus rent for maybe 4 months which would hurt.

    So we could push hard to get it listed and move out and hopefully sell it OR we take our time and sell it in Feb/March but by then the baby will just have been born and not really keen to go through the hassle then and have the wife uncomfortable.

    I think I will aim to try and get it onto the market by mid October and roll the dice on selling it. As suggested I am confident it will sell and given it is a low entry point for the suburb that it will likely be hotly contested.Or I am just wildly speculating and I could be paying rent and a mortgage at the same time.
     
  8. Perthguy

    Perthguy Well-Known Member

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    @albanga I just discussed this with an agent and he is thinking that homes might be selling well up to the second week into December due to the market being so boyant. If you did miss out on Nov 21, there maybe 3 more weekends to try to secure a sale. I'm stressing about the decision too but now leaning towards Nov 21 as well. :)