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Are you considering buying Gold Coast property in an auction?

By Andrew Bell

If you're willing to pore over countless real estate listings, find the right place and then spend days or weeks waiting to hear back on an offer, you can certainly buy real estate on the Gold Coast that way. There's another method that's equally effective, though. Have you considered buying property in an auction?

Auctions are fast-paced, competitive and played for high stakes. If you show up ready to spend, you could find yourself buying a property worth $1 million or more within minutes. And once you do, you're locked in. The place is yours, guaranteed.

Attending auctions is a chance to get your hands on the perfect property right away, but it also brings an inherent risk. Are you ready to explore this possibility?

Auctions are not for the faint of heart

If you're not interested in buying a house on the Gold Coast in the conventional way, that's all right. Attending auctions can be a great strategy for finding property and quickly adding it to your portfolio. It's a risky way to go, however. According to the Queensland Government, there is no "cooling off" period after an auction purchase – if you commit to buying property, you must do so right away, and you can't take that decision back.

Because of this, it's important for buyers to handle all their necessary due diligence before placing any bids. This includes inspecting the property thoroughly and making sure it's everything you hoped for. It might also be wise to conduct some market research and get a good handle on what properties are worth in the area you're targeting.

Additionally, it's important to know the financial details of the transaction you're carrying out before you start bidding. For example, if you buy a house at a certain price, what percentage of that price will the seller expect you to hand over right away as a deposit? What payment methods will be accepted? These are all things you need to know up front, not after the fact.

Showing up with a competitive bidding strategy

Property auctions can be competitive, especially when you're going after hot commodities like Main Beach real estate. Because of this, News.com.au recommends going in with a competitive approach bidding. You want to win your auction outright; there is no prize for second place.

"If you can see there is a lot of competition, then you are going to have to bid aggressively," auction expert Damien Cooley told the news outlet. "I would argue that the best way to bid in that scenario is to come in with a really aggressive bid first."

In other words, if the bidding on a house starts at $1 million but you're willing to pay $1.4 million, consider immediately upping the bid to $1.2 million rather than inching forward in smaller increments. This will let other bidders mean that you mean business and put you in position to win decisively.

We can handle all the details at Ray White

At Ray White Surfers Paradise, we want all our customers to walk away happy. Whether you're targeting a specific type of real estate, like Surfers Paradise property, or anything else on the Gold Coast that catches your eye, we want to help you land the place of your dreams.

Fortunately, we have a deep database of available properties, and it includes a little something for everyone. Get in touch with us today and ask how we can help you find the right real estate, be it via auction or any other route you choose.

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