Bidding and buying at a slow auction

Fortunately, not every auction that you bid at will be vigorous. Even though the vendor has been told an auction will put pressure on the buyers, the pressure often rests with the vendor. A slow auction is an excruciating and agonising event to witness.

The vendor has gone to auction with visions of 5 bidders trying to knock each other out with a big cheque. The buyer's belief and resolve that the owner wants too much is hardened when they see a lack of buyer competition. A slow auction with only one or…

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Even if you are fiercely determined to avoid being caught up in an auction when buying, you still may find yourself having to bid at one to secure your dream home. At an auction, the property sells to the buyer who submits the final bid above the vendor's reserve price. Most people attend auctions without a bidding strategy.

The good news is you may win an auction without having reached your predetermined maximum price. The bad news is you may be the under-bidder at a few auctions before you win one. But there are bidding strategies that you can adopt…

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Winding back off-the-plan (OTP) stamp duty concessions by the Victoria State Government is likely to have “unintended market consequences for purchasers and renters alike”, according to property advisory Charter Keck.

“Investors buying an OTP apartment in Melbourne will face an increased impost of $23,000-$29,000 for apartments priced from $500,000 to $600,000 from July 1 which represents a near 12 times increase”, Charter Keck’s analyst Robert Papaleo says.

But first-home buyers purchasing an OTP apartment will be $13,000 better off than their counterparts in Sydney or Brisbane under the changes.

“Most owner-occupier purchasers of OTP apartments in Melbourne will also still…

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Many more Australians looking to purchase property have been turning to buyer's agents, but they need to approach them with caution.

Australians should think carefully about engaging a buyer's agent to help them purchase a property.

Buyer's agents were prominent in last year’s series of reality TV show ‘The Block’, with four out of the five renovated apartments auctioned in the finale purchased through buyers’ agents.

While contestants in The Block made huge profits from properties selling far above reserve prices, it was often a case of buyer's agents bidding against one another and pushing up prices.

Many more Australians…

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