The cautious approach

There is no question that buyers are taking a cautious approach. Auctions are interesting, by and large buyers have decided to stand back and not bid – once the auctioneer has declared the property as having not met reserve,one of two scenarios play out, either:

a) Buyers then bid aggressively for the first right to negotiate or
b) The property is passed in without a bid at which time multiple offers are received.

The interesting thing is that in this situation, buyers complain of not wanting to be in a ‘Dutch auction’ – go figure! Either way, the Auction process we are using is proving a very efficient way of finding the best price available to the vendor, as a consequence, we are seeing satisfying results for our vendors.