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Interstate Auctions

Discussion in 'The Buying & Selling Process' started by Fungus, 13th Aug, 2015.

  1. Fungus

    Fungus Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    102
    Location:
    Sydney
    I'm looking at a property in the Brisbane region at the moment that is going to an auction. I'm thinking about registering to bid over the phone. I've been told the vendor is really motivated to sell and would most likely be accepting the highest offer on the day.

    Hoping to get some thoughts on this.

    What are auctions like in Brisbane? Are the turnout to auctions pretty good up there, or do most people try to stay from auctions in Qld? Secondly, has anyone had any experience buying interstate, specifically bidding on the phone? Anything I need to look out for/should be aware of?

    Thanks!
     
  2. Bran

    Bran Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    3,220
    Location:
    At work

    Auctions are a minority. Volumes 100-150/week, I think this is about 10% or less of all listings.
    Tend to reflect the higher end of the market (medians usually 700K+ compared to 500K overall)
    Auctions are often used by agents (per their mouths) to ascertain the true market value - many passed in subsequently sell to the highest bidder. I don't believe this is captured in the auction clearance rates.
    Why not put in a offer now? What is their to lose?
    I don't like auctions, but mainly cause I never plan to buy something until I see something i like. Then I run around like a headless chook arranging finance and BP etc.
     
  3. gach2

    gach2 Well-Known Member

    Joined:
    30th Jun, 2015
    Posts:
    213
    Location:
    sydney
    In Logan definately have picked up in the past 6 months when banks couldnt even come to 80% of their reserve on date.

    Now days seems more like they are able to achieve more closer towards there reserve (which hasnt really changed)

    Mostly bank repossessions
    Lot of bargains to be had but most of the properties are rundown (neglected by defaulting vendors etc) The polished up ones seems to be getting decent coin that its better of buying through sale with conditional contracts