Auction Bidders In Melbourne

Auctions can be a great way to find property at competitive prices. However, the process is not for the faint-hearted and can be very stressful. As a buyer it is essential that you do your research prior to attending an auction. This includes conducting building and pest inspections, having contracts reviewed by a conveyancer and obtaining finance pre-approval. You should also familiarise yourself with the auction rules which are usually displayed on display before the bidding begins.

What are the top 3 auction sites?

If the bids fail to reach the reserve price set by the seller the property is ‘passed in’ and the highest bidder will be given the opportunity to negotiate with the seller on a sale. If the highest bidder does negotiate a sale, they must provide a deposit (normally 10% of the auction price) immediately after the fall of the hammer. Auction Bidders In Melbourne is no cooling off period for properties purchased at auction in Australia.

The number of bidders at an auction generally reflects the state of the property market and demand. A high number of bidders can push prices up, especially if the property is a sought after and desirable location.

Leave a Reply

Your email address will not be published. Required fields are marked *