Whether you’re bidding for a prized piece of real estate or rare work of art, auction results — on the surface — can be a triumph or travesty. The outcome should always depend on the financial discrepancy, rather than an emotional attachment. But how do you navigate the adrenaline-charged auction environment without overpaying, overplaying or missing out?
The auction to sell your house is around the corner and you’re struggling to set the perfect reserve price. But setting this price isn’t a simple process so take a deep breath and ensure you have plenty of time to manage this decision. It could mean the difference between selling your property under the hammer – or not.
On Tuesday 24 March, Prime Minister Scott Morrison announced that auction houses and gatherings together in auction rooms as well as open house inspections, “can no longer continue.” While this means private inspections are still allowed to go ahead, the way we conduct open houses will be changing.
Competitive bidding amongst prospective buyers allows the seller to drive the sales price up, maximising the sales price for the seller. However, for buyers, it can be a daunting and intimidating experience, particularly for an inexperienced bidder who does not understand the auction process.