Caboolture 
Confident Bidding at Auction
Some people love the excitement of bidding at auction and the chance to snare the property of their dreams, but their confidence can give others the jitters, causing them to miss out on a property due to the fear of bidding under the hammer.
New research from Westpac’s Home Ownership Report has found that over half of next home buyers (56%) admit to feeling too scared, and further to this, 46% say they don’t feel confident they know what to actually do!
Auctions are a popular way to sell property around the country and many buyers could be missing out on some great deals. If you’re a buyer who is apprehensive about bidding, it could be time to face those fears with a little bit of knowledge and know-how.
Professionals Caboolture/Morayfield Principal, Leigh Chippendale is a Licensed Auctioneer and has auctioned hundreds of properties in her career!
“Attending an auction can be a really exciting event. If you haven’t been part of one before and you want to bid, there are some great tips to help get you ready to be the successful bidder,” Leigh said.
- Attend other auctions!
Nothing gives you a better idea of what to do at an auction than to see them first-hand. A great way to break down any fear is to first understand the rationale. By attending auctions of properties in the area you’re looking to buy, you can witness the process by watching the auctioneer, reading the provided Terms & Conditions, observing actual bidders, and familiarising yourself with agents in the local area. Understanding terminology, getting an idea of the best place to stand and what a buyer should say and do play a big part in conquering your fear.
- Research the market
Keep an eye on the local property market so you can get to know price trends and the values of different housing types. Having this knowledge behind you at auction time can prevent you from over-bidding and help boost confidence in determining what price a property may sell for at auction, making bidding less of a daunting process.
- Set your limits
After you have done your research and due diligence (such as a building and pest inspection) on a property for auction, set yourself a bidding cap and do not waiver from it. Bidding over your cap can mean having to find the additional funds to make up the extra and that is definitely not an advisable strategy.
- Get help
If you’re still nervous, consider asking someone to bid on your behalf. An authorised person can attend an auction with you, or talk to you over the phone and bid on your behalf.
- Don’t worry about anyone else
One of the keys to being successful at auction is not to worry about what everyone else is doing. Have a goal and a price in mind and remember to stick with it.
“As the auctioneer I really enjoy a fast-paced auction. It can certainly get the adrenalin pumping and that is why it is important to go into the experience well prepared. Emotions and the excitement of the auction can take over so please consider these tips before bidding,” Leigh said.
