Tips for buying at auction
Auction clearance rates have strengthened across many of Australia’s capital cities since the start of spring.
If you plan on going to an auction this season, there are some important factors to keep in mind.
A successful bid is binding. There will be no chance to change your mind afterwards as the purchase is unconditional. For this reason, you will need to familiarise yourself with the property. Your
LJ Hooker agent will be able to provide you with forms specifying what is and isn’t included in the sale.
You may also wish to organise a building inspection before the auction and read the property’s title and all other legalities.
Before auction day you’ll also need to clarify your financial position and have any finance in place to be able to make that winning bid.
In order to bid you will need to register on the day of the auction and for that you’ll need to bring identification. It’s a good idea to bring along a ‘minder’ who will help you avoid exceeding your pre-planned bidding limit.
Being the successful bidder is an exciting moment but there will still be more to do on the day. You will need to sign the contract, pay the agreed deposit, nominate your settlement agent and take out an insurance cover note over your new property.