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Dealing with auctions

30 NOV 1999 • By Phillip Tarrant • 2 min read • Investor Strategy

An increasing number of properties are being put up for auction, much to the dislike of rookie property buyers.

Trawling through property listings in recent months, I’ve been overwhelmed at just how many properties are going for auction, rather than private treaty.

Indeed, it’s not just my guesswork, according to RP Data’s Cameron Kusher, the volume of properties going to auction in 2010 has indeed been substantial.

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He says the volume of properties going to auction between mid-April and November this year was noticeably greater than the volume of auctions undertaken at the same time last year.

So if you’re looking at buying property, chances are you’re going to have to encounter an auction.

 
 

While it might seem scary and you might prefer to avoid anything auction related, as with anything, experience is key. In other words, it’s time to take yourself out to discover what an auction is all about.

Aspiring property buyers can improve their auction know-how by simply familiarising themselves with the process – well before they need to actually take part.

Succeeding at auction all comes down to market knowledge and confidence, and by getting out and watching a few, you’re going to be much better placed to brave the big bid when a property you like comes on to market.

As well as attending auctions in order to understand the process, if a property you’re seriously interested in is put up to auction, it’s also a wise idea to find out who the auctioneer is and get along to a couple of their auctions to see just how they work.

As long as you do your homework, auctions needn’t be the scary unknown they are. By getting out and about and experiencing as many auctions in your desired location as possible, you’ll be much better positioned to wade into the auction game with confidence.

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Phillip Tarrant

Phillip Tarrant

AUTHOR

Phillip Tarrant is one of Australia’s leading property commentators, with more than a decade at the forefront of conversations shaping the nation’s property investment market.

As the long-time host of the Smart Property Investment Show and a regular commentator across property, finance and business, Phillip has interviewed thousands of investors, economists, advisers, brokers, agents and industry leaders, giving him a unique perspective on the trends, policies and market forces influencing Australian property.

Beyond property commentary in the media, Phillip is an active property investor himself, with first-hand experience building and managing a diversified property portfolio across multiple markets and cycles. His insights combines this practical investor perspective with deep exposure to the broader property and financial services ecosystem.

Phillip is also CEO and co-founder of Managed, an Australian property payments and technology platform transforming the way property managers, landlords and tenants manage rental payments and property transactions.

Through his writing, podcasts and industry engagements, Phillip focuses on cutting through market noise, challenging conventional thinking and helping investors make more informed, strategic decisions. His commentary regularly explores property markets, lending, taxation, regulation, investment strategy and the changing dynamics of Australia’s housing sector.

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