We had 4 auctions the other weekend and managed to secure 3 of them, yet missed out on 2 of them. And sometimes that is they way of property in Melbourne.
Each auction we attend, and every negotiation is always different in some way and you need to be prepared for that.
Know your strategy when buying a property at auction around Melbourne. Know what you plan to do in advance but also be prepared to be flexible. You might need to speed the bidding up or slow it down. You might need to increase your bids in larger amounts or smaller ones.
The key though is to be flexible in your approach and also know your limit.
And if you want to know more about how we do this then click here to read our Google Reviews.
Yes you might go slightly above what you want to pay, but paying $100,000-$200,000 above what a property is worth is ludicrous and can be very costly. Also know exactly what you are buying as much as you can.
So how did we go at the auctions?
The first auction in Fitzroy, there was one other Buyer Agent against us and they took home the property for their client. The next auction was in Camberwell and we also missed that one, to another home buyer client.
In Coburg North we were successful and secured that home against 4 other bidders and the bidding was strong and the property was highly sought after. After that we went to Seddon and against 3 other buyers and a Buyer Advocate, we were successful.
Our bidding strategy though changed each time so that we are not predictable and other buyers didn’t know what we were going to do next.
If we miss out on a property, we keep on going for our clients and don’t give up, just because we have shown them a few properties. Sometimes with Melbourne property you need to be patient and flexible all at the same time.
We know our prices well and we are happy to miss out, if someone is willing to pay overtop for a property that we don’t believe is worth it.
Knowing your prices also helps
While we may have bid strongly and higher bids than the quote for all 4 auctions, we have longevity in the industry and know when to stop. As experienced Buyer Agents, we know when to negotiate hard, when to hold back and when to jump in.
We do an enormous amount of research into the location, the property and the prices for recently sold properties and you should to.
Never assume that the price the agent is giving you is where it will end up. Do you own investigation into where you think the property sits in price and what you think it will go for. And of course know your limit.
And if you are not sure what to do, where to start or what price to pay, then visit our Services Page to to learn more about how we can save you money and time.
Or if you would like to get in touch, then please drop us a line and Contact Us Today.
Kind Regards,
Melinda