These statistics tell a very simple story. If you’re looking to buy a property at auction in Sydney or Melbourne, it is only by exception the property will not sell.
So now more than ever if you’re looking to buy a property at auction you need to be extremely well prepared in order to be in with a realistic chance of securing your dream property on auction day.
Keep reading to find out the most common mistakes people make when bidding at auction and what are the four things you can do to better prepare yourself for bidding at auction.
As a Sydney buyers agent I read a lot of economic and property market reports and articles. It’s part of my job and it’s just one of the ways I keep up to date with what is happening in the market.
I can all too easily spot a media beat up in a storey. So when I read about some fantastic auction result where a property sells for hundreds of thousands of dollars above the reserve price I am immediately sceptical.
Sure there are always exceptions to the rule, but in most cases these results are based off a very conservative reserve price that both the agent and vendor know will be well and truly exceeded on the day.
The most common thing l see prospective buyers get caught out by at auction is by placing too much credence on the price guide quoted by the selling agent. I see this all too often when multiple parties register to bid, but shortly thereafter are stunned into silence as the bidding kicks off above their maximum bidding limit.
Below are my four tips to better prepare you for bidding at auction based on my experience as a Sydney buyers agent and with 20 years working in the property industry:
Attending auctions and doing your homework to work out what a property should sell for won’t cost you anything but your time. Be rest assured though, it will be time well spent.
Are you contemplating buying at auction? Check out 5 signs you need a professional auction bidder.
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Shelley Horton is the founder of Sydney based exclusive buyers agency Albion Avenue. With a 20 year career honing her skills in every aspect of the property industry Shelley knows what makes a property worth buying and how to get the best deal.
The atmosphere created when a property is auctioned is often tense and exciting. The sense of urgency generated throughout the…
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