auctions for apartments?

[JDP1]

I have looked at quite a few advertisements for CBD apartment sales. The vast majority are private sale. Why are auctions less popular with selling apartments, but quite popular with selling houses?

 

[Wunderbar]

For pure logistics. How are you going to co-ordinate an auction for an apartment? in the common foyer? It probably would be a violation of the owners corp rules

 

[Jacque]

Houses have more capacity to be different. Units in the same block are usually very similar to one another, hence the main reason they tend to sell via PT rather than auction. Unless they're unique or in a very high demand areas, that is.

 

[Jacque]

For pure logistics. How are you going to co-ordinate an auction for an apartment? in the common foyer? It probably would be a violation of the owners corp rules

Not really the reason. I've been to many a unit auction and they've always been conducted at the front or rear of the complex, in the common garden areas. Failing this, of course, inhouse auctions remain a cheaper alternative for some agencies to line up their auctions all at one event.

 

[Wunderbar]

The ones that I've been to - an auction tends to crowd the (busy) street and cause chaos for people trying to enter the building. If I was the body corporate I wouldn't be too happy with that.

 

[Melbournian]

Some of them done in the actual apartment itself, some done in the foyer and some on the pathway, some in the common gardens etc. There are auctions in CBD - just at the moment it is not the trend.

 

[The Y-man]

Of course if it was in Sydney, the auction probably wouldn't be at the property....

The Y-man

 

[Melbournian]

i saw one held in the balcony before -- but yeah it was a big balcony

 

[dl2276]

Or in my experience, have the building manager announce to my REA 30 mins before the auction was to take place that is was against the bi-laws (something about unauthorised people conducting business in my own property !!). Pretty sure he was misinformed but never confirmed personally with the strata manager.

Fortunately - just shifted everyone down to the park at the end of the road....not sure what I would have done if a council ranger showed up !!

Poor guy - created a lot of enemies and animosity in the building (over all sorts of issues).


I do think auctions are less popular with apartments as there isn't the scope for them to be unique (particularly in inner city areas - think Meriton blocks for instance).