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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 executive editor – Real Estate at Momentum Media. He is also an investor with a large property portfolio.

He leads the content strategy and corporate growth for a range of market and business intelligence platforms at Momentum Media, including Smart Property Investment – the authoritative voice for Australia’s property investment community.

As head of the Smart Property Investment Podcast Network, he also steers the largest network of property podcasts in Australia, which collectively generates nearly 2 million downloads every year.

There are over 2.6 million investment properties in Australia, with over 2.1 million Australians (or around 8 per cent of all Australians) owning one or more investment properties. A vibrant and critical sector for creating wealth for Australians, the property investment sector is expected to remain a pillar to the national economy.

For nearing a decade, under Phillip’s stewardship Smart Property Investment has been informing and educating property investors on the tactics and strategies to create wealth through property.

Trusted by over 100,000 Australians each month as the turn-to independent resource for property market insights and information, the brand supports the mantra of "for investors", by investors’, drawing on the unique position that Phillip and Smart Property Investment share, warts and all, its own journey through property.

The Smart Property Investment Show, part of the Smart Property Investment Podcast Network, is one of Australia’s most popular podcasts, forming the keystone of an integrated digital platform delivering daily property updates, live broadcasting, insights, opinion and data to property investors across the nation.

Underpinned by a content team universally recognised for their knowledge of the sector and approach for clear and concise communication, Smart Property Investment has become a central part of Australia’s property community.

About Momentum Media

Momentum Media is a leading media and market intelligence company, and the business behind Smart Property Investment, REB and RPM.

Guided by a strong sense of purpose to support our communities, Momentum Media has forged its place as one of Australia’s most influential media and professional development businesses.

We have been equipping Australia’s corporate, investor and SME sectors with market and business intelligence for over a decade.

Across an integrated business supported by digital, events, broadcast, research, print and social platforms, we are guided by the purpose: Be Better informed.

This passion for informing, educating and inspiring drives us to build more engaged communities, delivering greater leadership to the markets we connect to and forging closer relationships with our audiences.

Being at the forefront of media innovation, backed by a pioneering spirit, has been central to Momentum Media’s growth.

We’re an evolving, forward-thinking business based on a purpose that supports corporate Australia and the markets critical to our nation’s economic prosperity and security. We’re also focused on delivering exceptional value to our commercial partners.

We adapt on a daily basis to rapidly changing market places; we’re a fluid media business, unanchored to any particular technology, channel or tone of communication.

With a reach spanning nearly 2 million professionals, high-net-worth individuals and SME business owners, we’re connected to the rapidly changing preferences and attitudes of our communities – and we’re making a positive contribution for our communities to thrive.

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