The highlight of the summer sales season in Queensland, our showcase collective auction The Event, is fast approaching. For buyers, it is a premiere opportunity to take advantage of record low interest rates, and find themselves a dream home among the wide range of amazing properties that are sold at The Event every year. This year's iteration of The Event will begin at 10 a.m. on Sunday, 23 January at RACV Royal Pines Resort Gold Coast.
So, how should buyers approach and most successfully manage this opportunity?
Do your homework
Auctions always require preparation and a sense of calm. This one will be perhaps more competitive, with a greater number of prepared buyers in one location as properties go under the gavel.
But for buyers, the basics should remain the same:
- Understand your finances.
- Know your limits.
- Research the area in which you want to buy.
- Study the properties up for sale.
- Choose a few properties to examine in detail.
- Prepare your deposit.
Understand the competition
Home prices are currently up 22.2% across Australia. This surge has kept many first-time homebuyers sidelined, meaning more experienced buyers are likely to be bidding against you.
Queensland is a particularly hot market right now, predicted by many analysts to see its soaring growth continue in 2022. This continuous increase in demand is due to the state's decades-long population growth, which has accelerated with a surge of in-migration during the pandemic. Meanwhile, anticipation of the Brisbane Olympic Games is attracting more attention from investors.
Record-low interest rates — predicted to remain low for the foreseeable future — have only further increased the interest among buyers. According to bank regulators, house credit has increased 6.7% over the last year. So it's a crowded market, — which is essential to remember when preparing to bid on a property.
Keep a clear mind
Knowing the marketplace — and The Event — is a crowded one, make sure to remain calm during the bidding. If yours is the winning bid, you are obliged to purchase the property. So it is essential to stay grounded in your own financials and not overbid in the heat of the moment.
As you prepare for The Event, you may have questions about either the auction process or specific properties in general. This is a perfect time to reach out to one of the experienced real estate professionals at Ray White Surfers Paradise. Get in touch with us today to learn more about how we can help you get ready for The Event.