The series of lockdowns across Melbourne and Sydney have made the decision on whether to sell your apartment by Auction or Private Sale (or hold) much more complex.
Even in normal markets this choice can be tricky, but when a city goes in and out of lockdown (and extended lockdown) in the space of several weeks, that decision is now much more problematic. The decision to hold and sell later is also on the table especially given the marketing costs involved. Interestingly the Covid lockdown restrictions in Melbourne prohibit sale or leasing inspections entirely, whereas Sydney restrictions enable one-on-one inspections.
Wood Property have worked hard to facilitate online auctions and video walkthrough inspections but if a prospective buyer can not physically inspect a property, they are unlikely to bid at auction or submit an offer.
In normal markets the way to determine if you should sell your apartment by Auction or Private Sale are as follows.
- How special or unique is your apartment?
- How strong is the market for your apartment?
- How committed are you to maximise the presentation of your apartment?
- How realistic are you on the achievable sale price?
- How comfortable are you with the theatre of auction day?
Wood Property can advise you on your apartment’s best selling strategy especially within the context of restrictions at the time.