In-depth study offers important insight into the history of these high-profile public sales, their structure, key tactics for buyers and sellers, and how auctioneers have pivoted in the face of COVID-19
CHICAGO, IL, July 1, 2020 -- Luxury Portfolio International® (LPI), the luxury marketing division of Leading Real Estate Companies of the World®, today unveiled its first-ever study on high-end residential real estate auctions, with a particular focus on how auctioneers have restructured their business in face of COVID-19.
The study brings together analysis and first-hand input from a variety of property specialists worldwide, offering a unique overview of how these public sales originated, where they flourish today, and important tips for homebuyers and sellers on how to navigate them successfully.
The report furthermore explores the differences between auctions and traditional residential real estate sales, giving high-net-worth individuals a clearer, balanced picture of their intricacies, as well as their advantages.
As detailed within the feature piece, prime property auctions have become particularly prevalent in Australia and New Zealand, where success rates are remarkably high.
One expert quoted within the study -- Nick Boyd, Head of Sales and Business Development for Belle Property in New South Wales and Victoria, Australia -- estimates that up to 70 percent of home sales there are sold by live auction. This, in essence, makes this part of the world a test-case for the auction process.
“Auction has become the heartbeat of real estate in Australia,” says Boyd. “People attend these sales to gauge the health of the property market.”
Researchers with Luxury Portfolio International® additionally delve into COVID-19 and its impact on high-end home auctions. As detailed within the report, organizers have successfully remained nimble in the midst of the spread of the coronavirus by rapidly bringing the auctions online. In New Zealand, for example, what traditionally took place in-person is now being live-streamed, with bids placed through mobile app or PC.
To download the complete report, visit luxuryportfolio.com/whitepaper.
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ABOUT LUXURY PORTFOLIO INTERNATIONAL® (LPI)
LPI (luxuryportfolio.com) is the luxury marketing division of Leading Real Estate Companies of the World®, the largest global network of premier locally branded firms dominated by many of the world's most powerful, independent luxury brands. LPI attracts a global audience of visitors from over 200 countries/territories every month and markets more than 50,000 luxury homes annually. Well Connected.™
Source: Luxury Portfolio International®
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