Buying a Property at an Auction

When you want to buy a property, whether it is your first time or if you are a seasoned expert, it is always a good idea to check out local auctions to try to snag a great deal. Here are 3 tips to being successful at an auction.Buying a Property at an Auction

1. Do Your Research

Always research the market and talk to Real Estate Agents to ensure you go into an auction fully informed. It won’t hurt to look online as well. You can also attend other auctions to see how they operate. Always get independent, expert help on legal, finance and building matters.

2. Know the Rules

Auctions have very strict rules so read through them beforehand. In Victoria, the auction rules must be displayed at least 30 mins before the start. The auctioneer must tell bidders that the auction will be conducted according to the auction rules and regulations. It is illegal to make a false bid, hinder another bidder, or in any way intentionally disrupt an auction.  You can be fined if you are caught doing any of these things.

3.  Watch your limit

When at an auction it can be easy to get caught up in the moment and the excitement of bidding. Before you start, have a really clear idea of what your limit is and don’t go over that.  Auctioneers are trained to try to get the best price possible so may encourage bidders to compete.

Check out Consumer Affairs Victoria for more information.

Have you ever bought a property at an auction? Did you snag a bargain or get caught up in the moment and pay too much just so you could win?

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