That's interesting..it the auction the common way to buy and sell houses there?
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Yeah, it's quite common and with the market like it is the auction increases prices and minimises time on market. The latter supports the former. I don't know the exact figures but it's something like 25% of residential sales on average around that country are auction sales. The one in this post for instance...16 registers bidders after a three week marketing/inspection campaign. Bidding opened by the auctioneer at $650,000 and inside of 12 minutes it was knocked down (sold) at $813,000. Unconditionally sold, no finance clause, no building/pest inspection...sold and deposit payable.
That seems like a good way to do it. Does it depend on the market attitude, as in a buyer's market or seller's market? I've not heard of that here, but I see the merit.
The tone in the market makes a difference yes, and the location/price of the house also as that dictates the socioeconomic demographic from a buyer's perspective and some simply can't get themselves into a position to buy unconditionally (i.e. no finance clause).