PHOTO: Auctions are meant to bring competition, but are they doing their job?
Australia’s biggest residential real estate agency Ray White has seen an increase in the number of homes it prepares to sell via auction despite economists suggesting auctions are becoming less relevant in a falling house price cycle.
Ray White sent 33.7 per cent of new stock to auction in 2018, up from 29.7 per cent of new stock sent to auction in 2017.
Ray White executive chairman Brian White said he “disagreed entirely” with the idea that auctions were becoming a more redundant form of selling in Australia and that they still gave a significant indicator as to how the market was shaped.
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