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The
Propertybuyer

Podcast

Hear the latest weekly insights into the property market via podcast by Rich Harvey, CEO and founder of Propertybuyer.

 
Wed 22 Nov '23 with Rich Harvey Using Data & AI for Better Property Decisions
 
 
Thu 7 Sep '23 with Rich Harvey Northern Beaches Real Estate Outlook & Industry Trends
 
 
Thu 20 Jul '23 with Rich Harvey How Sales Agents Think
 
 
Thu 15 Jun '23 with Rich Harvey Auctions – The Inside Scoop
 
 
Fri 9 Jun '23 with Rich Harvey Financing Innovation & Building a Property Portfolio
 
 
Thu 25 May '23 with Amanda Jones Melbourne Property Insights
 

 

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Propertybuyer Blog
Property advice, market updates & more

 

Smart strategies at auction

December 31, 2013 / Written by Rich Harvey

 

Purchasing property at auction can be equal parts exciting and overwhelming, especially for newcomers to the process. However, there are some strategies that can help you come out on top when buying a house in Australia.

Do your homework

There's no reason to walk into an auction blind. While you may not know the reserve price of a specific property - the minimum price the seller is willing to accept - you can do research on the home and the area it's in to come up with a general idea of what it's worth.

This will help you make more strategic bids during the auction, and prevent you from spending too much.

Set a limit

Auctions can be fun, especially when competing with other passionate buyers. However, this fun can quickly turn to trouble if you find yourself getting into a bidding war with someone else.

While it can be tempting to keep yourself in the game by one-upping other bidders, keep in mind that you're here to purchase a property, not needlessly lose money.

Before beginning the process, determine how much you're willing to spend and stick to it. This will help keep you from overspending on a home if you get caught up in the auction atmosphere. I've been at countless auctions where emotional home buyers are easily led by the auctioneer or pestering agents to make another few bids well over their limit.

Utilise professional help

Even if you have experience at property auctions, there are professionals who are more knowledgeable. Fortunately, these same professionals can assist you with everything from offering advice to bidding in your place. Find out more about property auction bidding services.

For instance, a buyers agent can not only help you find homes and negotiate with the sellers, they can also bid for you at auction. A buyers agent is emotionally detached from the process and can read the body language of the other buyers. They know how to make the right moves at auction and whether to bid fast or slow or in large or small increments to give you the competitive edge.

If you're unfamiliar with the auction process and worried you might not come out on top, working with an experienced buyers agent can be a great strategy.

The Propertybuyer
Podcast

 
Wed 22 Nov '23
with Rich Harvey
Using Data & AI for Better Property Decisions
 
 
Thu 7 Sep '23
with Rich Harvey
Northern Beaches Real Estate Outlook & Industry Trends
 
 
Thu 20 Jul '23
with Rich Harvey
How Sales Agents Think
 
 
Thu 15 Jun '23
with Rich Harvey
Auctions – The Inside Scoop
 
 
Fri 9 Jun '23
with Rich Harvey
Financing Innovation & Building a Property Portfolio
 
 
Thu 25 May '23
with Amanda Jones
Melbourne Property Insights
 

 

Listen to many more
podcasts on our
Podcasts page.