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Agents Push for Auctions Overhaul

02 September 2013

The real estate industry wants auctions to be made easier for homebuyers, saying strict conditions are driving up WA property prices.

Agents are pushing for a cooling-off period after the winning bid is made to bring WA in line with the Eastern States. The number of properties being sold at auctions has doubled in the past year, Realestate.com.au figures reveal, but the sales account for just 1.4 per cent of all property listings.

According to the Real Estate Institute of WA's website, 43 properties were sold at auction in WA in July - a sharp contrast to the Eastern States where auctions accounted for about 40 per cent of sales.

REIWA auctioneering network chairman Rob Druitt said matching WA laws to those in the east would help boost auctions in WA and increase competition in house pricing. << back to news articles