September saw Brisbane clock up its highest preliminary clearance rate so far this year. More than half of the 77 homes put to auction in the first week of September were sold according to CoreLogic RP data.
By comparison, that same week Melbourne saw a whopping 748 homes go to auction and Sydney recorded 578 auction results. Both cities clocked up clearance rates close to 80 per cent.
While Brisbane sells fewer homes under the hammer, you may find yourself needing to bid for your dream home at auction.
Price guide bans introduced in late 2014 – while intended to prevent underquoting the sale price – can add complexity to the task of gauging a property’s value and bidding with confidence.
Here are our #5 tips to help you before and during an auction.
- Get an independent valuation of the property
- Talk to your agent about the local market conditions
- Refine your search parameters on realestate.com.au to gauge the price range
- At auction, go slow with incremental increases
- Set yourself a price limit and stick to it
Want some more tips on how to bid at auction? Contact us for a chat.