Auctions are becoming far more common in Australia and there is plenty of competition when it comes to buying property at one. According to Property Observer, Sydney is posting 80% clearance rates, a sign of the interest in auctions.
When attending an auction it is essential that you stay calm and unemotional. Award-winning auctioneer Marcus Chiminello had some tips for anyone thinking of buying at auction:
- Arrive on time, but not too early. If you are waiting for a long time then you will feel the nerves, but arriving 5 minutes beforehand leaves plenty of time.
- Bid strongly and clearly. Make sure you respond quickly to competitors. This will make them think you are confident and may get them to back off.
- Set your upper limit at an odd value. A figure like $1,207,000 will give you slightly more leeway than $1,200,000 and this could make the difference between success or failure.
- Give the impression that you have an unlimited budget until you meet your budget. If competitors think you are running out they will be buoyed to carry on.
- Consider employing a professional to bid on your behalf. This will remove the emotions from the equation and make it purely business.