Buying at auction - any tips for bidding strategy?

@Christina46 sounds like it's going to auction, would be waiting to play your cards on the day.

 

Yep, will prepare for next Saturday.

 

Need a update?

 

We're in similar position in relation to house next door having made an offer before auction. Very interested to hear your outcome and any lessons Chrstina46

 

Being led to believe they wanted private sale before they decided to go to auction

 

1.wait until the property is about to be passed in before you make your first bid. ..wait for last call.

2. if the property is declared "on the market" wait until final calls and then make your first bid.

3.Just for laughs; find out before hand from the agent what the expected reserve is, and when the Auction begins, make the first offer, and make it 10k below the reserve.

 

Sorry - have been a bit slow with the update... The short version is, we didn't get the property and the search continues. Long version is...

We had offered $700k before the auction. A couple of things came up after our original offer that meant that we really didn't want to go over that price. We were planning to extend the house and we discovered that the property had a noise corridor overlay and also the pipes running from the house to the sewer line were right where we wanted to put the pool - nothing that couldn't be overcome, but it would make things more expensive.

We opened the bidding up at $600k and the other party bid $650k. Auctioneer wanted another $50k bid, but we tried to slow things down by putting in a smaller bid which the auctioneer didn't accept. Basically after that the agents were just running between the other bidder and the vendors to try and get the bid up. Eventually the other bidder agreed to put in a bid of $717,500, the property was declared on the market and sold.

Apparently there were some other conditional offers sitting behind the scenes, but the vendors really needed to sell that day as they are settling on another property at the beginning of September. To be honest, I wonder if the purchaser could have got the property for a little less, but I think they were buying to live in, so perhaps prepared to pay a little more rather than risk missing out.

On the whole, I don't think the auction really played out as an auction - more of a negotiation between the vendors and purchaser.