{"id":3773,"date":"2015-03-11T01:00:32","date_gmt":"2015-03-10T14:00:32","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=3773"},"modified":"2015-03-11T01:00:32","modified_gmt":"2015-03-10T14:00:32","slug":"tips-for-bidding-at-an-auction-john-mcgrath","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/tips-for-bidding-at-an-auction-john-mcgrath\/","title":{"rendered":"Tips for bidding at an auction | John McGrath"},"content":{"rendered":"

In his recent column in\u00a0Switzer<\/a>, John McGrath discusses the growing auction market and how to navigate your way to bidding success.<\/p>\n

Here’s what he said:<\/h4>\n

\"JohnSydney auction clearance rates are back to boom time levels, registering above 80% for the first five consecutive Saturdays of the selling season.
\nThis is significant given several hundred properties are going under the hammer every weekend right now.
\nThe highest clearance rate recorded so far this year was 86% on February 28, based on 597 reported auction results (APM).<\/strong>
\nThis weekend, McGrath had two outstanding auction results at the premium end of the scale.
\n$15.3 million was the winning bid for a Sydney waterfront deceased estate in Vaucluse (the highest price at auction since May 2013), while $7 million was the winning bid for a stunning four-bedroom penthouse in the Soul development on the Gold Coast.
\nThis shows me there is a lot of depth in the market when you have multiple bidders at this level.
\nI\u2019ve been doing the auction rounds the past few Saturdays and it\u2019s interesting to take an up close and personal look at how buyers are behaving in today\u2019s market.
\n\"auction\"
\nBuyers are definitely savvier than they were 10 or 15 years ago and if you\u2019re facing up to bidding at an auction yourself, attending a few conducted by the same auctioneer should help you prepare for the event.
\nWhy are auctions working so well? \u00a0Well, they are by far and away the best method of maximising competition among buyers \u2013 particularly when the market is strong and there are multiple bidders wanting to buy the same property.
\nBuyers often feel they are at a disadvantage with auctions and that the price will always go high.
\nBut that\u2019s always the case when there is healthy competition for a property in any market.
\nI know it can be stressful to buy at auction but you also need to remember it\u2019s the only way for you to know exactly what your competitors are offering, so you can tailor your own offers accordingly. (If you\u2019re really nervous about bidding at auction, you might want consider using a buyers\u2019 agent to bid for you \u2013 it\u2019s a small expense that will save you a lot of worry.)
\nMore people in Sydney are selling via auction and that\u2019s no surprise in such a strong market.
\nSo I thought it would be helpful to give buyers a few tips on how to improve your chances of purchasing at auction in today\u2019s highly competitive environment.
\nTips for bidding at auction<\/strong><\/p>\n