What is one of the best ways to get the most from your property sale when the market is already hot?
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For Monaghan's Real Estate owner, Terry Monaghan, in a COVID-safe environment, auctions are providing sellers with the opportunity to test the market.
"It is very hard to know where the top of the market is at the moment," he said.
"Prices are strong and because we are in such short supply of real estate, some vendors are choosing to go with an auction because they are taking the chance there might be three or four people after their property and they will compete for it.
"There will probably be more auctions in the future if the market stays as tight as it is.
"It is extremely tight and we are constantly getting private sale offers and people are offering more than the asking sale price.
"For example, the last auction we did was an industrial site down on Lake Road and it sold for $100,000 over the reserve and that is the reason some people are choosing to do auctions."
Mr Monaghan said his agents were also offering sellers different methods to help get the most from their properties.
"There becomes all kinds of methods that are used during these times," he said.
"You are seeing sale by set date, sale by agreement and all these sort of things.
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"They are all there because people are struggling to know where the top end of the market is and what people are prepared to pay for property.
"There are a few different methods that can be used by the agents to try and get the vendors the best price."
The sale of property in our COVID world has also been something of a challenge with auctions and open house inspections raising their own set of challenges.
From October 21 at 11:59pm in regional Victoria private inspections and auctions can take place, with COVID-safe requirements in place.
Mr Monaghan said the COVID settings haven't impeded the auction of homes in the region.
But he is expecting bigger turnouts when regional Victoria and metropolitan Melbourne fall under the same set of rules at a rate of 80 per cent double dose vaccinations across the state.
"Most auctions are held outside so it isn't too much of an issue," Mr Monaghan said.
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"There is a lot of people in Melbourne waiting to come up here and look at properties
"Once metropolitan Melbourne opens up we are not expecting anymore issues with people getting here to look at properties because there is a lot of people waiting to do that.
"In the meantime we are selling properties to people over the phone and over the internet.
"People are doing house inspections on FaceTime which is quite unusual and they are doing that and buying properties just from the FaceTime.
"If you want to have a look through at some at open house inspections for example, you can ring us and book and tell us you're coming so we can stagger out the visitors."
Within regional Victoria, according to the Victorian Government COVID rules, patron and density limits apply at different levels, depending on whether or not the operator is checking that everyone in attendance is fully vaccinated.
If all patrons are fully vaccinated, the indoor patron cap for auctions is 30 with a density quotient of 1 person per 4 sqm, and the outdoor patron cap for auctions is 100 with a density quotient of 1 person per 2 sqm.
If the operator isn't checking that everyone in attendance is fully vaccinated, a limit of 10 applies.
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