Auctions are designed to create competition and drive prices up. But with the right preparation and discipline, you can succeed without blowing your budget.
Preparation starts weeks before auction day. Complete all due diligence — building inspection, strata report, contract review — so you can bid with confidence. Get your finance unconditionally approved. Research comparable sales thoroughly to establish your maximum price.
On the day, arrive early, observe the crowd, and have a clear bidding strategy. Some buyers prefer to bid early and aggressively to intimidate competitors. Others wait until bidding slows before entering. The most important rule: set your limit before the auction starts and do not exceed it, no matter what. Emotional bidding is the most expensive mistake you can make.