Your Key Auction Tips

As real estate buyer’s advocate's, we understand that auctions can be a daunting experience, especially for first-time buyers. However, with the right preparation and guidance, you can navigate this process successfully. Here are some key auction tips to help you secure your dream property on auction day.

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Get Pre-Approval

Having pre-approval for a loan gives you confidence in knowing how much you can spend and shows sellers that you are a serious buyer.

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Understand the Auction Process

Before you participate in an auction, familiarise yourself with how auctions work. Attend a few auctions as an observer to get a feel for the atmosphere and understand the auctioneer’s style of conducting the auction.

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Do Your Homework

Often the quoted price range in the agents statement of information will not be accurate to true market value. Research the property and the market thoroughly. Look at recent sales of similar properties in the area and what price they achieved to get an idea of what realistic price range you should be considering.

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Understand the Contract

Our advice to to always have your conveyancer or property lawyer complete a contract review to make sure there are no hidden issues you should be aware of. Its not just the property you are buying, its the contract. Reach out the the YKA team if you need a recommendation for a conveyancer.

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Set a Limit

Decide on your maximum bid before the auction and stick to it. It’s easy to get caught up in the heat of the moment and bid more than you can afford or spend too much on a property compared to what other properties you may be able to secure with the same spend.

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Be Confident

When bidding, be confident and assertive. This can deter other bidders and show them that you are determined to win. There is no need for your competition to know that you are only $5k away from your limit!

Consider a Buyer’s Advocate

A buyer’s advocate can provide valuable assistance through out the auction process. They can do market research to help align your expectations and budget, inspect properties,  bid on your behalf at auctions and ensure all proper due diligence has been completed.