How to bid on your dream home, and win

first_img 72/89 Lambert Street, Kangaroo Point, will go to auction on Wednesday, March 11 at 6pm through Place estate agencyMr Nickerson says that while auctions can be nerve-wracking, people should not feel overwhelmed by them. He says the best thing to do is to break the process down into manageable parts. “Ask yourself, ‘What can I do prior to the auction?’ and ‘What are effective strategies on the day?’”Mr Nickerson says one mistake buyers make when going to an auction is not doing enough research. “When it comes to the house people go all out on research; they get valuations, measure stuff etc, but when it comes to the actual auction they’ve done no research at all,” he says.Mr Nickerson advises people should, at the very least, watch some auctions online or in person to see how they work.“Make the unknown known. Watch how an auction pans out, it’s not always how you might think,” he says. “Observe the auctioneer, they’re all different in how they run an auction. And make sure you know the terms and conditions because once that hammer comes down, that’s it.” 151 London Rd, Belmont, will be auctioned on Saturday, March 21 at 4pm through Re/MaxMore from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoHowever, Mr Nickerson says the biggest mistake people make on auction day is to not bid, or bid too late. “It sounds silly but a lot of people go in thinking they’ll be Joe Cool and sweep in with the winning bid at the end,” he says. “This doesn’t happen. Often times a bidding war breaks out, it gains pace and before you know it you’ve been left behind.”He says the best approach is to adopt a three-budget strategy – the first being a starting budget. “This is the price that you should start your bidding at.”The second is the fair budget. “This is the price at which your budget is set and that you think is a fair price for the property.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:17Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:17 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenBizarre mistakes people make at auction02:17 Home-hunters turn to buyers’ agents as property market sizzles HAMMER TIME: 36 Catania Street in Wishart, southeast Brisbane, will go to auction on site on Saturday, March 14, at 10am, through Harcourts BeyondYou’ve spent months searching and, at last, you’ve found the home of your dreams. The only problem is, it’s up for auction. The thought of buying a property at auction is a daunting one for many people. Some feel so intimidated by the process that they exclude auction properties from their search, relegating them to the too hard basket. “Auctions are public, in front of everyone and many people are not comfortable with that,” says Justin Nickerson, the leading auctioneer at Apollo Auctions. “Anything that’s unknown to people breeds a certain level of fear and the ramifications of what can happen is suddenly heightened. This can put some off trying for a property altogether.” The third is the absolute budget. “This is the dollar figure over which you absolutely cannot go. If you have these three budget limits, then you have an auction plan.“But for all the strategies in the world, don’t let yourself get carried away. If someone has a higher budget than you, don’t do anything. Know your limits.”Mr Nickerson says that if a property is grabbing attention in the lead-up to auction day, the best approach is to try to control the bidding. “Start with a high bid because it will knock out the momentum. For example, I held an auction where there were 14 registered bidders on a house valued at about $1.5 million. Someone started the bids at $1.46 million, about where it was going to sell, which immediately subdued the frenzy. In the end only two people out of the 14 ended up bidding.” RELATED: Buyers making cash offers to stop house auctionslast_img


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