Found this place on the net and after looking at a property to say it was in need of a lot of work (I figured $50000 – $55000) I gave this place a really good look over and doing plenty of ground work prior to the auction on pricing in the area etc etc plus data from RP Data. I felt I could make a reasonable estimate of price range to bid in.
Being my first house auction I was keen as mustard also keen to not be carried away in the excitement and hype during bidding.
After reading heaps and asking a few question on here I felt preaty good and confident to approach my first auction.
So off I went to the auction tonight and waited for the place to come up and finally it was up first bid $80000 below what I figured my bottom price would have been (i'm in with a chance) and bugger me it finished $40000 above my highest range. I never even put a bid in just watched as the battle raged and it arrived at my bottom range and shot past my top range.
I beleive it went well over price, at least the person next to me agreed as he was going to be bidding and my pricing was within $5000 of his so I felt my ground work put me in the right area.
Lesson I have learnt – stick to your price range and don't get talked up ot engage in the excitement, do your home work before hand, be prepared, READ the contract they HAVE there before you bid, if not happy with it WALK.
Anyway I feel I have won without winning that one at the price. Oh Hum now to start over.
Who else attends auctions or are they not really worth the effort?
Brian
No it's all about timing,
I have attended hundreds of auctions over the last 100 years LOL and at the moment the market is hot on second hand properties … just wait then pounce, you are getting your first lessons and it's fun right? aahhh LOL
What is tooooo much today you will say in 10 years "I should have bought it"
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