Ahead of the game: What you should know before bidding at auction in Canberra
Auctions continue as arguably the most popular selling mechanism, but agents say to do your homework if you’re new to the process.
Dan McAlpine of Belle Property Kingston has run some 2000 auctions and observed winning patterns.
“Up to 80 per cent of successful bidders bid first and, obviously, last,” he says.
“They arrive early, scope the competition and come with a bidding strategy. It’s like a game of poker where they try to out-bluff the other players.”
McAlpine says new bidders should make sure they understand the terms and conditions of auctions they may participate in.
“Some details can change from agency to agency – for example, the financial instruments that are acceptable for payment immediately after the auction,” he says.
“Make sure you know what they are and come prepared.”
Jake Winters of Carter and Co. encourages new buyers to draw on the advice of allied experts.
“Connect with an experienced mortgage broker, perhaps a solicitor, too – they will be able to help guide you,” he says.
“And make sure you have pre-finance approval before bidding at an auction.”
A successful bidder needs to leave a 10 per cent deposit.
Winters also recommends letting the listing agent know if you’re really interested in a particular property.
“Some people keep their cards close, but you could miss out if a pre-auction offer is made by another party,” he says.
“If the agent doesn’t know your interest, you could miss out on a chance to make a counter-offer.”
- Pre-auction. Make a pre-auction bid If you really like a property. But, remember, make the bid strong enough to stop the auction. Just offering the price guide probably won’t swing it.
- Auction. Understand terms and conditions at auction as they can vary between agencies. Come with a bidding strategy. The reserve price is met when the auctioneer says the property is “on the market”.
- Post-auction. You will need to leave a 10 per cent deposit after the auction. Check beforehand as to how the agency accepts a deposit – bank cheque, credit card, or immediate funds transfer.
Allhomes’ top pick of properties that are set to go to auction:
Griffith
This classic, two-storey residence is comfortably at home in leafy, established Griffith.
And the comfort extends inside with plenty of room for the whole family in this north-facing residence.
Entry is highlighted by solid timber floors that lead past a separate living room highlighted by custom shelving.
The heart is, of course, the kitchen, family and dining area. The former brims with Miele appliances while the bigger space flows through french doors onto lush established gardens.
The stylish main suite enjoys its own privacy at the front of the home with a spacious walk-through wardrobe and luxe en suite.
A further three queen-sized bedrooms, all with built-in wardrobes, are on the upper level and share a luxurious main bathroom and study nook.
Ducted reverse-cycle heating and cooling systems on each level deliver year-round comfort.
Extra bells and whistles include an intercom and security system, data cabling in every room, an integrated speaker in the main living room and outdoor Bose speakers.
The garden is low maintenance and includes a variety of fruiting trees including cherry, mulberry, plum and quandong while the front garden blooms with standard roses, weeping cherry, and salvia.
There’s a single garage with internal access.
Of course, the home is close to the Kingston, Manuka and Griffith shops, the city, Fyshwick markets and the airport, as well as many quality schools.
Price guide: $1.5 million +
Auction: 6pm, November 5
Agent: Belle Property Kingston, Dan McAlpine 0401 005 282
Or try these:
Ngunnawal
Price guide: $1.25 million-$1.35 million
Auction: 6:30pm, November 4
Agent: McGrath North Canberra, Kris Hellier 0413 799 700
Watson
Price guide: Circa $1.5 million
Auction: Midday, November 7
Agent: Luton Properties Dickson, Aniko and Peter Carey 0429 487 939
Crace
Price guide: $1.1 million-$1.4 million
Auction: 10am, November 7
Agent: Independent Tuggeranong, Obi Shadmaan 0423 980 763
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