I will be attending and bidding at my first auction in Melbourne, would appreciate any advice
Regards
PaulKnow how much you can afford, how much you estimate the property is worth and stick to it.
Make sure that you don't get carried away with the hype and excitement of an auction, don't allow yourself to be pressured by the real estate agents. I generally don't open the bidding and I don't place a bid until the bidding slows down a little bit. Don't appear too enthusiastic as the agents use this enthusiasm to push you further than you may want to go. As Scott said, make sure you stick to what you think the property is worth. If you are not the successful bidder, try not to be too disappointed, there are lots of properties out there.
Good luck
Sonya
Might be an idea to get one of Richard's property reports done, if your borrowing on a high LVR. That way you may avoid a nasty surprise if successful when the bank does their val.
Hydra
I just bought in Melb and went to many auctions. Educate urself so that you know what the property is worth before the auction and what similar properties have gone for in the same area. As noted aboe property reports are good
I attended the last auction as a spectator and my advice as I saw this tried on a buyer.
Do not Bid against yourself
When no one else is bidding and it hasn't reached the reserve price the auctioneer asks you as the highest bidder to increase you bid to get it over the reserve price and on the market.
If you say yes you are bidding against yourself.
If it is passed in and you are the highest bidder you can negotiate with the seller without 30 people bidding against you!
You must be logged in to reply to this topic. If you don't have an account, you can register here.
