How Australia’s rental market fared at end FY22
The nation is in the grips of a severe rental crisis, with vacancy rates and supply falling sharply while rents go the o...
David Scholes, auctionWORKS
If you're bidding at auction this weekend, which strategy will give you an edge?
Yes, that's a good question. I don't think bidding tactics necessarily do work. The most important part when you go into an auction is to make sure that you've done all of your due diligence. That you have your finance approved, that you have your deposit in order and that you have the confidence you can settle the matter within the settlement period. Once you've got all that in place then really the tactics are going to take care of themselves. Some people like to sit back and leave the bidding until the last minute. Some people wait until they know the property is definitely on the market, I don't like that terminology but that the reserve is definitely being met before they start the bidding. Look, every time I've bought a property for myself, at auction or for other people, I'm always the first person to start the bidding. I think it's very important to show the rest of the audience that you're there ready to do the business and potentially that could get people out of it as well. Be prepared to bid quickly and very confidently and probably in bigger increments than other people and often that will deter other potential competitors.
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.