I bought a property in Melbourne few months ago, the Auctioneer dragged the auction for over 40 minutes+... In Sydney, would be over in 10-15 minutes most times. I notice most auctioneers in Melbourne also work as real estate agents? In Sydney, they are usually independent and only do auctions and nothing else.
Congrats on your purchase! Interesting comparison between Melbourne and Sydney auctions. I've had auctions that go for 40+ min before, but haven't had one of those in quite some time. On average, I'd say my auctions are within 10-15 min, but when the property is on the market, a good auctioneer will drag out the auction until they are certain there's no more bids. At the end of the day, we work for the seller, so it's in the best interest of the seller that the auctioneer will drag out the auction as long as possible (within reason). Interesting that you point out that most auctioneers in Melbourne work as real estate agents. Larger real estate agencies tend to hold regular training days to upskill agents to be able to call auctions for the agency. In some cases, agents may even call auctions for competing agencies! From the agent's perspective, it's a great way to build profile, but at some point the agent starts wearing too many hats in the auction campaign.
@@ianshi_auctioneer Maybe different law in Sydney vses Melbourne on requirements to be an auctioneer. It would actually save alot of money doing it internally and working for the owner. Had an auctioneer refusing to take $1000 dollar bid in the end and just said sold. That's $1000 out of the vendor's pocket minimum as the other guy might bid more. Why is Melbourne market so bad? Is it due to the new land tax rule?
Maybe requirements, possibly industry culture - by the sounds of things, I need to head up to Sydney! Every bid counts as when the property is on the market. Thats exactly how I think about it, extracting 1 more bid pays my fee and then some. My job starts when the objections start. Land tax definitely affects investors and the demand for property. Investors selling adds much more supply to the sales market than there is demand, so it leads to lower sales prices. Although some areas are much less affected by others. It’s the whole markets within markets thing. The overall stats for VIC only tells a broad narrative.
