Auctions on the rise in Melton with more families putting their homes under the hammer

Date: 10 September 2014
Auctions on the rise in Melton with more families putting their homes under the hammer
Alex Dacakis, director at First National Real Estate Taylors Lakes. Picture: Kris Reichl

THE number of properties going to auction in the City of Melton has increased by almost 70 per cent since last year.

Real Estate Institute of Victoria (REIV) figures show that from January 1 to August 31 this year, 143 properties have gone under the hammer in the region.

That’s an ­increase from 85 in the same period last year.

REIV chief executive Enzo Raimondo said while auctions had traditionally been popular in the inner and bayside suburbs, they were becoming more common in the middle and outer areas of Melbourne.

“It is clear that auctions have become a more popular method of sale in Melbourne this year, with a substantial increase in the number of homes going ‘under the hammer’ across the city,” Mr Raimondo said.

“In Melton, the number of auctions has nearly trebled in the year to date.”

Home-owners Steve and Kristy Colakidis, whose property in Hillside is on the market, have recently deci­ded to auction their house.

Mr Colakidis said they took the decision after first putting the house up for private sale.

“We thought we would get better results through an auction,” he said.

“We wanted to speed up the process.”

First National Real Estate Taylors Lakes director Alex Dacakis, who is auctioning the house for the couple on September 20, said auctions were becoming more popular in the area.

“In the past six to eight months I have noticed an ­increase in the number of properties going to auction in the west,” Mr Dacakis said.

Mr Dacakis said private sales did work for some properties but auctions had the advantage of time and open competition.

“Auctions impart a sense of urgency to buyers to make a decision within a set time, whereas we don’t have that with private sales,” Mr Dacakis said.

He said for a property to do well at an auction, it was important to get the price right.

Source: Herald Sun - Original Article

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