Bidding at Auction Tips: [Strategy Revealed]

What's your Strategy when it comes to bidding at auction? We discuss my approach to taking on auctions and walking away satisfied with the outcome whether you win or lose on the day because you understand your limits. Sydney and Melbourne property markets have been the auction front runners over the last few years but it seems that auctions are becoming more popular across all of Australia's major capital cities and regions.
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[@boggyb7731]

Bid in irregular increments to stop the rhythm of the auctioneer eg in $7000 or $3000 increments. It also confuses the competition.

[@lukewiles1]

As long as the auctioneer actually accepts those bids. A lot of auctuoneers generally won't accept unusual bids unless there's only two bidders left

[@DmacChrisp]

😅

[@boggyb7731]

@@lukewiles1 he will if they are high enough.

[@matthewxcountry]

Building and pest by sellers - definitely call the inspector and ask questions (phone number is usually on the report) - don't trust the report - it is commissioned by the sellers. But off the record the inspector often will be very forthcoming. You can only trust the report if you have the option to pay, when winning the auction, for that report to be owned by you (meaning the inspector is legally responsible if the report is innacurate)
Agree with Luke, in this slowing market, withholding your demand until the property is on the market is a really good idea. Now that there isn't so many bidders at auction, there is no need to make a strong opening bid to scare a large portion of the buyers away.

[@lukewiles1]

Agreed - yes very important to ensure you're protected with a building and pest and have that verbal chat with the inspector/s to get the most helpful info!

[@user-pp8ly2wn6t]

I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.

[@Ron43759]

there is a game in school named auction 😅 its the same thing of the normal auction but teens and high schoolers helped a ton man th

[@dsinghr]

Most important tip “DONT TALK BETWEEN YOURSELF”

[@YeloPartyHat]

What's the lowest increment you can use at an auction?

[@lukewiles1]

Whatever the auctioneer will accept on the day! (The lowest I've seen in reality is $500 bids)

[@KurtlesDude]

Whatever the agent takes. Just on the weekend I noticed $250 increments. $500 is pretty common.

[@ObamaoZedong]

Me, a bidder on rural properties maxing out at $20k: interesting 🤔

[@tinwav]

THANK U SO MUCH

[@arvib2158]

Can I without my winning bid from the online property auction?

[@1stroundparty181]

Great advice cheers mate

[@lukewiles1]

cheers mate!

[@Ykssssss346]

👍

[@inexcelsisdeo8475]

Buyers agent huh? Your my wost fear right now. Let an average jane get a house just LIVE IN once in a while!

[@cmichaels9544]

Property in your county is fucking expensive

[@dsinghr]

Wages are high as well