There is a split in the real estate industry over whether auctions are the best way to sell a house.
First National has issued a survey claiming auctions are the least effective way to sell.
In the survey of its 70 offices, 72% of respondents said individual negotiations between buyers and sellers were best.
Auctions were considered the way to get the best price in only five locations.
Group General manager John Stewart says there are not a lot of cashed up buyers who can buy unconditionally on auction day in the current market.
However, Barfoot and Thompson director Peter Thompson disagrees and says auctions work well in Auckland and Northland where they operate.
Even if houses do not sell on auction day, 70% to 75% of them sell within about seven days, he says.
