Hi Everyone, I'm a first time investor - looking to get on the property ladder this year. Does anyone have any thoughts on whether you can still get a good deal at auctions? Or should you try and buy direct or prior to auction? Any tips would be appreciated! Cheers
It depends. A property with not much interest, maybe you can get a good deal. You've got to know what a good deal is, though, for each and every property. Easier said than done. Personally I always try to buy pre auction, I hate auctions as a buyer, as the whole process is designed to hype up the price, but that's just my opinion. Definitely attend as many auctions as you can, as an observer, before bidding for real. It can be quite an eye opener! I especially love the sound of crickets when the auctioneer asks for opening offers - no-one wants to be the first to bid. Know your rights and obligations, understand what you can and can't do, stick to your limits and never get emotionally attached to one property, another one will be along in a week, a month or a year.
Thanks Haumea, All sounds sensible to me. Especially the stick to your limits tip. I've already observed a few auctions that went to what I thought were unreasonable levels. Some of the auction winners looked like owner-occupiers but others definitely seemed to be overly attached investors.
