More Australians are buying their home at auction than ever before, according to CoreLogic who reported that 1 in 5 Australian homes were sold under the hammer last year.
There are a number of benefits to buying a home at auction. Generally, auction sales are quick and transparent, and there's a definite chance for buyers to get a great deal, but is the same true for commercial proprieties?
With auctions, the entire process is expedited because you aren't dealing with as many parties – you're simply showing up on the day and bidding. If time is of the essence, commercial property auctions might be a good option for you.
Commercial auctions can also be good for property investors who might not be as particular about a given property's specifications. Investors won't be running the business themselves, they simply need to know that a space will provide high returns. Therefore, it makes sense for them to buy at auction and worry about the details later if they knew the property is in a good location and has a number of strong features for prospective tenants.
For business owners, however, buying at auction can be more challenging. An operation's success often depends on their commercial space in a number of ways, so it's important for business owners to be especially thorough when shopping around.
Someone looking for office space, for example, won't want to buy a property quickly only to find out that the floor plan isn't quite large enough for the volume of desks, the meeting room isn't soundproof and the natural light is glaring in the afternoon.
If you decide to buy a commercial property at auction, make sure you do the following:
To find out more, reach out today.