How to Bid Successfully at Sydney Real Estate Auction

Attend similar auctions in the weeks leading up to your auction to better understand the system. It is not in your best interest to be a complete novice at the auction during which you plan to make a purchase commitment.

If the auction is to be conducted “in rooms” locate the venue and any transport or parking facilities well before the auction date. This will avoid last-minute stress and the possibility of missing out on the property that you, are wanting, to purchase.

Arrive early and relax. If you need help bring along a relative or a friend to bid on your behalf. They will have to sign prior to the auction an “authority to bid” on your behalf.

Establish a limit on how much you are willing to spend on the property.

Get a feel of the bidding process before you start.

Know what is happening around you. Don’t hide otherwise the auctioneer may miss your bid.

Bid strongly and with confidence. This displays to others you are serious about buying.

Bid quickly, if you hesitate others will think it’s your last bid, encouraging them to keep going. Likewise, underbidders should realize that others bidding quickly and aggressively, are trying to scare you off.

Start bidding when the figure is below or within your price range. Don’t be shy about opening the bidding at a figure to suit you, don’t back until the last minute bid. You should participate or otherwise, you may miss out.

The auctioneer will set the bidding increments, depending on the bracket of the property. Bid in these increments if you can and don’t raise the price unnecessarily.

If you have been advised to not bid until the auctioneer announces that the property is now “on the market” you have been advised incorrectly. A professional auctioneer will not say this as the terminology is wrong. The property has been on the market from the moment the signboard was erected.

When the bidding slows or stops at a figure acceptable to the vendor the auctioneer will announce that the property is to be sold. As a precaution and to assist the bidders, the auctioneer will give the first call and repeat the price, then a second call repeating the price and again a third and final call confirming that the property is to be sold. The auctioneer then brings the gavel down “Sold”.

We trust these details are of benefit to you and wish you every success when bidding at an auction.