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.
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?
During May I came across some interesting articles and blogposts, here are a few that I wanted to revisit.
“According to a recent Jones Lang LaSalle report entitled “International student destinations redefining the world of real estate investment”, the nine top destinations in the world for international students are also tops in terms of being real estate investment destinations for both residential and commercial properties.”
Australia had 2 cities in the list – Sydney and Melbourne.
“Are you looking to offload one of your properties this year? Vendors have been warned not to let the cold weather go to their head and start discounting their asking prices as the mercury drops – and it’s even been suggested that now could be the time to put your property on the market.”
“Do you have $35,000 sitting in the bank? Well, that would be enough to buy yourself a house in Australia’s cheapest suburb outright. Read on for the top 10 cheapest suburbs in each state and territory. And guess what? Almost three-quarters of the selected suburbs have a median price of less than $200,000.”
“The world banking system is about to be tested once again by another European crisis because politicians and central bankers underestimated the power of people. And here in Australia we have a version of the ‘Greek game’ being played under the surface.“
“Any property investor worth their salt knows that research is the key to selecting a good property investment location. But what does the latest research into the city vs country debate reveal about the prospects of our rural property markets versus their urban counterparts? Read on to find out.”
So these were a few articles that interested me in May, what did you find interesting?