Information, Intermediaries and Sales Strategy in an Urban Housing Market: The Implications of Real Estate Auctions in Melbourne

The influence of groups such as real estate agents on the operation of local housing markets has been a consistent theme in urban studies. In Melbourne, an increasing incidence of property sales by means of open auctions is the result of a sustained campaign by the real estate industry. Such sales have substantial benefits for the agents and alter many of the strategies for buying adopted by both buyer and seller. However, it is apparent that there are a number of unintended impacts including making the purchase of housing more difficult or risky for some groups. The practice of auctioning is seen to be an active element in determining housing access and the basis for social change within neighbourhoods subject to a high incidence at auctions. Thus the actions of agents can be seen to have far reaching effects in terms of the socio-spatial outcomes of the housing market.