00:00Auctions. Let's talk about them because Australians are divided on them.
00:04They may be your favourite thing, they may be the absolute Achilles heel of your property journey.
00:09And though they're picking up steam across the country, buyers and sellers alike can still be
00:13scared to touch them. The first thing to understand is that auctions are primarily driven by demand
00:19and demand-side markets. It's why you don't see many in smaller markets like Tasmania.
00:24But if you are looking in a city that has adequate options and many places that meet your need,
00:29it can be a really good way to go. If you're a buyer looking to purchase at an auction,
00:34make sure you know your stuff before you register to bid anywhere. Know your price point, know roughly
00:41what each house is worth. You might want to talk to a buyer's agent or people who have bought and sold
00:45in your local area recently. And know what your absolute max out price is because when you're
00:51on the auction floor, you're going to need to know. If you're trying to sell your house via auction,
00:56it's really important to make it look like somewhere that people would want to live,
01:00that it seems accessible, that it's somewhere that when people come through and need to make
01:03a relatively quick decision, you can. And for both parties, it's really important that you are in
01:08clear and constant communication with buying and selling agents respectively, so that you can make
01:14an informed decision and hopefully get the best deal possible. Happy buying, selling, auctioning.
01:20Good luck.
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