How to win at auction day
It’s no secret that Melbourne’s clearance rate is not as high as it has been, but as a buyer, that doesn’t mean you should take your next auction day for granted.
If you find yourself at an auction with a low attendance rate, it’s imperative to strike while the iron is hot.
Notably, it’s important to make sure you still bid, even if the crowd is quiet. This is because even if the property is passed in, if you’re the highest bidder then you’ll be in a position to negotiate the sale with the vendor.
Our experience in recent weeks however is that there’s plenty of buyers hunting around for a bargain at auctions, especially investors. Amongst this crowd of serious buyers, you’ll need to be doubly on top of your game and ensure you’re in prime position.
Do your due diligence before auction day. Have your conveyancer read over the vendor’s statement for any restrictions on the property. If you’re going to be paying by electronic transfer, make sure you’ve agreed on this with all parties before the auction, as a traditional cheque may be expected.
Prep your pre-approval with your bank and settle on your maximum budget in the days leading up to the auction.
Finally, dress to impress. It’s a sign of a serious buyer if they’ve dressed up, so make sure you look the part upon arrival.