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The Canberra Times
  • 8 months ago
What you need to know about auctions
Transcript
00:00Auctions are something that buyers and sellers alike are often really scared of,
00:04but did you know that you may be missing out on some great deals by avoiding them?
00:08Now, more than any other type of sale, auctions tend to be driven by demand and competition.
00:13So it's why in smaller markets like Tassie, for example, you probably don't see a lot of them.
00:18But if you live in a town where there's a lot of like-for-like homes for sale,
00:21then seeing what's going to auction could really save you some dollars.
00:25Now, we often look at something called the clearance rate,
00:27which is how many properties that were put to auction over a certain period actually sold.
00:33But there's other factors that you need to consider too.
00:35Things like how many registered bidders there were,
00:38how far over reserve price properties are selling for at auction,
00:41and whether the properties selling at auction are of high caliber.
00:45There's a lot of factors to understand,
00:46but here's some tips that you can take on if you want to do well at auctions.
00:50Number one, you need to know how much the house is worth,
00:53or at least how much you think it's worth,
00:55and what your maximum price that you're willing to go to on it is.
00:58To be able to do that effectively,
01:00you're going to need to do a fair bit of market research
01:02on how much places in your area have sold for in the last 12 months.
01:06The second tip is to bid first.
01:08Now, while this doesn't guarantee that you'll get the property,
01:11it does allow you to set the tone for the auction
01:13and see what that appetite is like from other bidders.
01:16And third, it's totally fine to ask for help if you're not confident.
01:19Auctions can be complex,
01:21and so engaging someone like a buyer's agent
01:23could really help you to know the lay of the land
01:25and secure the best deal.
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