Buying property at an auction gives you the opportunity to see other potential buyers and find out what price they’re prepared to pay for the same property.
However intimidating, auctions are a transparent selling method. If you know how to play your cards right, you can get the upper hand.
Let buying property at an auction work to your advantage.
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Property auctions can be a great place to acquire your next home – if you know what you’re doing.
There are many things you must know and understand before diving into this high-stakes/high-stress process.
Here are some of my best tips. You’ll find one that’s is often overlooked — but not by you — after you read this.
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Most people go into property auctions hoping for a once in a lifetime bargain. Given the high level of competition for premium homes in Sydney, often the opposite is the case. So it pays to properly prepare for a property auction.
Property auctions are carried out under a set of strict rules that you will have to understand beforehand, among other things.
Here are some critical elements that you must be aware of before you start bidding.
Read More In an article for the website Your Investment Property, Miriam Bell talks about a novel auction that is about to be held on 14th February. The auction will be one of its kind as it will set a $1 reserve price. Neil Tyagi, owner of the Blacktown House in question feels that auctions could also be made interesting and it was only important to depart from textbooks.
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An auction works quite contrarily to a private treaty. Here, you are face to face with a galaxy of competitors. Their goals may vary; someone may be looking for a home to reside and another for an investment and still another for a ‘quick flip’ but they are all out there to buy.
It is crucial to know as much about the auction process as you possibly can. Let’s take a look.
Sydney’s auction clearance for this Saturday has brought back memories of ‘boom’ time. Standing at 76.3%, the clearance rate has been the highest recorded in last few years. Inner West Sydney has been the winner with 83% clearance. A few believe that such an activity on the Prestige Market is the result of optimism in the stock market. Others are talking about the mortgage rate cuts as the prime reason for buyer response. Six Chinese buyers fighting over a Vaucluse property and bidding in excess of $5 million is a hearty sight. The prestige market has not been moving for some time now and 8 properties selling at more than $2 million each looks like a worthy change.
Derby Street auctioneers held five auctions including the Vaucluse property. Of them, two sold even before the auction and remaining went over the reserve bid. This fresh energy in buyers may also be because of visa changes. The changes aim to provide quicker entry to the foreign nationals holding property worth $5 million in Australia.
You can read the full article here.
Do you think the Prestige Market will rally even further?
Are FHBs Really Missing from Action?
In an article for the Property Update, Pete Wargent busts the myth about falling first home buyer (FHB) numbers. There has been a lot of talk about how the FHBs have simply disintegrated and elbowed off by the investors because of spiking prices and a rat race for properties.
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