As auction clearance rates increase across Logan it’s important for prospective buyers to brush up on bidding tips.
Sales agent Tracey Steuart from Ray White Springwood and Shailer Park said auctioning properties was quickly becoming the preferred sale method.
“The market is so unpredictable at the moment that when we sell a property, we’re just surprised by how much it sells for,” Ms Steuart said.
“Even though as a real estate agent you’re supposed know what a property is going to sell for, with the market at the moment we’re getting so many people attending open houses and they’re selling well above what the expectation is.”
Ms Steuart said although auctions were favoured by sellers, the experience could daunting for buyers.
She said bidder tips included doing your research, securing your financials, and getting some experience.
“It’s basically about having everything in line,” Ms Steuart said.
“Make sure you’ve inspected the building and pest report, which most auctions have these days.
“And make sure you’ve got your finance in line so that on auction day, if you’re sitting at the property, you’ve got the ability to bid and you can feel comfortable about bidding.”
She said it was also essential to “speak with your agent constantly”.
“Get as much knowledge and information about the property as possible, so on auction night or auction day, you’re not as green or nervous,” she said.
Her other tips included not judging a book by its cover.
Essentially, don’t assume other bidders have money just because they dress like they do.
“We’ve had someone come to our auction who looked like he just came off the farm, and then he bought a property worth over $2 million,” Ms Steuart said.
She said bidding could be a nerve-racking for first timers, but there were ways to make it easier.
“We try and make it as pleasant as possible,” Ms Steuart said.
“But I would go to auctions before you go to the one you’re going to buy at – just to get a feel what of what the atmosphere is like and to look at the other people who are bidding.
“If you find a property you love, but you know the auction isn’t for three or four weeks, I would go to another auction just to see how it all works.”
