NSW Sydney entering positive territory

All good.

I'm on th ground I don't need to see the results or Auction clearance rates to understand the sentiment.
I can see the prices, the time in market,agents attitude and willingness of vendors.

I have been buying for 15 years and continue to do so in most markets.

When the right deal will come I will execute. I can guarantee Auction clearance rates will not be the reason.

 

Just interested how many have you bought this year? Are you looking at buy and hold or more development?

I’m actually thinking of going against sentiment and looking to buy older apartments with decent yield potential.

 

We are not big investors but try to average with purchases and roughly every two years. Last purchase was end of 2017 Liverpool area with a granny flat on the site completed mid last year.

Now started to look again. Alot of options this year



I like older apartments Wiley park area . Also Kogarah to Brighton in older buildings and semis in the same area.

Which area are you looking in?

 

House prices headed for $60k tumble

 

Westmead is on the radar, also Keeping an eye on Epping and Eastwood

 

Are there any strategies buyer follow when bidding on Auction?

 

Auckland and Vancouver were other markets that were heavily pumped by Chinese money

 

Yes.

Be the highest bidder if you really want the property.

 

Lol

Thankyou

 

Do not laugh.

How else do you expect to become the owner of a property you really want if going to auction ?

What is there to think of, trick bids and mind games etc to still end up as high bidder ? In this market, you would have to be a home buyer, you should not be going to an auction on a place that is just ok...or just a house, but in saying above, I would warn you to not over bid if your short on cash, and even if you get it cheap, lenders can do funny things.

So, back to you, what is it you really want to achieve, what is your idea of a strategy that is different to being the highest bidder that just out bids everyone ?

You see a lot of BS on these forums, auctions are simple, you must be the highest bidder if you want the place.

 

Thanks @dabbler

In this case we really want this house as it ticks all our boxes and yet do not wanna pay too much in bidding war hence asked the question. All good!

 

You will not pay too much in a auction bidding war.
You will pay just enough to get it (and not one cent more)
It is in tenders where you do not know what the second tenderer is paying that you can pay too much.
If you want the house be the highest bidder.
Ps Take it from me in tenders you can pay too much! (I paid $1m more than the second best price on a property)

 

Why do Auctions get cancelled?

Simple answer will be seller found a buyer however in this case one property is open for inspection and another has no info about auction/inspection.

I was hoping to attend couple of Auctions to get the lay of land and also to see how this particular Auctioneer conduct thr auction as he will br auctioning the one we really want.

 

No, they can be cancelled for a number of reasons, including sort of what beano is saying, so they can say we have a few offers possibly to bump interested parties up when they know there is no strong reason to auction ....

Frankly, I do not know why your BSing about, bid on the place you want, or make a good offer, the market is depressed, with your procrastinating (which is what I see it as), you would not even be able to buy anything had we gone back 2 years where you would have been paying 10-20% more.

On a home, one one I really liked, I would not be playing the cheap ass roulette game to save a few thousand, or 10, or prob even much more (but I never found a place I really, really wanted).

 

Not sure why you think its procrastinating- it is just research/analysis that will lead to better decision making. Anyway, thank you for the feedback.

 

Only cause I am like a bull at a gate when I decide I want something Would have been under contract by now...esp for a home.

 

Yes, it should work the way eBay auctions work. You place your highest bid, and the system automatically outbids other bids by the smallest increment (50c or $1 usually).

 

If start making offers without Auction will build up their confidence and expentations may change and confidence grows and on the day longer pause between the bids and alot of fluff.....

 

They were pumping everywhere they could, asian countries like korea/Taiwan/ Singapore /Malaysia all received a huge influx of Chinese money.

 

I am not following, do you need to build up confidence ?