Buying at Auction
It takes a cool head and a careful strategy to buy at auction. Being an unsuccessful bidder at an Auction on a property you have fallen in love with leaves most disappointed. However, with preparation and some expert guidance you can ensure you have a much less stressful auction experience and a better chance at walking away with the hammer coming down as sold with your winning bid. See our tips below for buying at Auction.
Practice run: Auctions can move fast and people who have not attended an Auction before can get lost in the hustle and bustle. We recommend going to an Auction of a property you aren't bidding on to observe how the process plays out so you know what to expect when it comes time for the real thing.
Building and Pest: Organise a building and pest before auction day. When buying at Auction you don't have a chance to get a building and pest inspection done like you normally would when buying by private treaty.
No cooling off: Do not bid on a property until you fully understand or have your agent or solicitor explain what the waiver of cooling off period means.
Know your limit: Know what you want to pay and stick to it. Only pay what you think the property is worth and don't get caught up in the competitive state Auctions can sometimes create.
Register to bid: All bidders at Auctions need to be registered to bid. Don't leave it to the last minute and put yourself under extra pressure. See the agent in advance to register your details.
Get your cheque book ready: You will be required to pay a deposit of 5 - 10% of the purchase price on the spot if you are the winning bidder so dust off the cheque book or arrange a bank cheque in advance.