4 tips to win at an auction
If you're shopping around for luxury Surfers Paradise or Main Beach real estate, you could find yourself buying through auction rather than a private sale. A November 30 release by CoreLogic RP Data shows that in most Australian cities, the median price of auction-sold properties tends to be noticeably higher than those that sold through private treaty.
This is a general indicator that real estate that goes under the hammer is on the premium end of the price bracket, with the competitive nature of auctions obviously working in the favour of house vendors with impressive pieces of real estate.
Are you seeking out some luxury Surfers Paradise properties that are selling through auction? If so, check out these tips that can give you an edge over the competition.
Do your homework
Before heading into an auction, you'll want to make sure to have done all your research beforehand. Take a look at property data sites and see what sort of prices people are paying for homes in the area. This will give you an indication on how much you can expect to pay for the Surfers Paradise property. Of course, these are just rough guidelines. For a more accurate and completely objective reading, you could benefit from using the services of a valuer, who will give you an expert opinion on how much they think the home is worth.
While this is by no means the be-all and end-all, it can help you to make an informed decision, which is never a bad thing, regardless of whether you choose to go above that price.
Auctions can be like a high-stakes game of Poker. While your financial capability is obviously a main factor, it can all come down to psyching out other bidders and making them fold. Ultimately, you want the competition to think you have deep pockets and that bidding against you is futile.
As Nila Sweeney mentioned in a Your Mortgage article, you should make your presence noticed during the auction. This means calling out your bids confidently and powerfully. Furthermore, try to speak out the entire numerical amount of your bid (for example, say '$850,000' rather than '850'). Former buyers' agent Pino Tedesco mentions that it could make other bidders realise just how much money that is and hesitate going further.
Making yourself a prominent figure needs to happen before the auction too. This means dressing as well as you can, and looking relaxed and even powerful. This could give others the impression that you have infinitely deep pockets, and make their bidding efforts feel pointless, especially those who are newer to the scene.
In that same vein, small things like parking an expensive car somewhere noticeable and standing in a place where other bidders can easily see you all add to this effect.
When it comes to auctioning for Surfers Paradise property, you've got to keep a cool head at all times – and it's not just to show people that you're confident and know what you're doing. It's imperative that you are actually those things or you could end up making a decision you'll regret.
Set a maximum price you're willing to pay and don't exceed it by any means. If bidding goes over it, simply walk away and think no more about it. Furthermore, don't bid until the reserve price has been met, as there is literally is no benefit.
Being on the market for premium Surfers Paradise or Main Beach real estate means that you'll be bidding against some deep-pocketed buyers. Take these tips on board, and you'll be as prepared as ever to meet them head to head. To see what kind of properties are available, get in touch with Ray White Surfers Paradise.