Yes, you can – and we do it all the time! I mention this here as invariably people ask if we’ve held any auctions this week and how they went, and they’re often shocked to learn we’ve sold a property that only had one bidder.
Grant is pictured here in action doing just that last week, selling a unit at Clayfield for one of our team. When the market is tougher this type of auction becomes a more regular event: either having one bidder or a buyer who is clearly willing to pay a lot more than the others. In this situation many agents pass the property in and negotiate after auction but as this means the cooling off period and other clauses often come into play, we consider this a last resort.
We find that people will often question, (and rightly so!) why you would auction if you don’t have a high demand property in a hot market? Going to auction has its own specific advantages. With the right agent and an auctioneer who thoroughly understand the process and are confident in negotiating with one bidder, a frequent result will be an unconditional sale. Under the hammer within less than thirty days on the market is eminently achievable!