C&G’s Guide to Bidding in Person

C&G lives and breathes property, so we were extremely excited when restrictions eased on auction gatherings in October. Melburnians are now allowed to attend public auctions to bid for their dream home, providing a welcomed relief for all buyers, sellers and vendors. To keep everyone safe, a limit of 10 attendees and appropriate social distancing measures will be implemented. It’s been a while since we’ve hosted such a gathering! In our latest blog, we list everything you need to know when bidding in person.

Prepare yourself mentally

Have you found the perfect home, and realised you will need to bid for it? Auctions create both an exciting and intimidating environment, especially if this is your first time. Do your due diligence leading up to the big day – research comparable properties and their sale history so you have a concrete idea of how much your dream home will cost. We also recommend attending other auctions to observe how different properties sell and how other bidders conduct themselves. You’ll have a better understanding of the process and attend your event with confidence.

Arrive with a strategy

With all this research under your belt, you’re in a better position to determine your bidding limit and prepare your finances appropriately. We believe arriving at auction with a home loan pre-approval will help increase your confidence – this deposit will be paid if you provide the winning bid.

Bid with confidence

A successful bidder is poised, confident and assertive. Project your voice and raise your hand high in the air. Remember to also stay calm and aware of your bidding limit as auctions can move very quickly. If you win the auction, you will be required to sign the purchasing papers and pay a deposit. Always thoroughly inspect the property and enquire about its sale conditions, as there is no cooling off period when buying through this format.

As seasoned real estate experts, Chisholm and Gamon are no stranger to buying and selling through auction. More questions? Don’t hesitate to reach out to our friendly team!