Despite the current “sellers’ market” with too many buyers chasing too few properties, I’ve been able to assist clients to buy successfully while staying within their budget and/or buying below the auction reserve price.
Recently, I’ve acted as a proxy bidder for various clients.
North eastern suburbs:
A couple were too nervous to bid at auction for themselves, so they engaged me as their proxy.
The neat & tidy, well-presented 3-bedroom home was just what they wanted. I opened the bidding around what I thought would be the owner’s reserve price level, and after only three or four bids, secured the property at a price well below the client’s budget.
They were delighted!
North eastern suburbs:
A lady asked me to act as her proxy at an auction while she was away on business. She had already arranged a building inspection etc., and was very keen to buy this home.
A small crowd gathered as the auction drew near. I opened the bidding and bid strongly against two others, until the auctioneer went to consult with the owner.
At the end, I was able to buy this property while saving my client over $50,000 from their budget.
North-western suburbs
I recently attended the auction of a classic, 100-year-old home in Adelaide’s north-west, near the beach. I was there to bid on behalf of an interstate client seeking a foothold in Adelaide.
As usual in the current market, there was lots of buzz before the auction as people wandered through the property, admiring a lovingly maintained home with large rooms, ceilings, classic cornices, high skirting boards and a surprisingly sound bluestone exterior,
On behalf of my client, I had undertaken some due diligence, including examining the vendor’s disclosures (Form 1), a building inspection, neighbourhood insights, and even interviewing the immediate neighbours.
I opened the bidding with an offer I judged to be slightly below the reserve.
That had the effect of dismissing bidders who may have wanted to bid & buy at a lower price level.
The auction bidding was over quite quickly and the auctioneer went inside to consult with the owner’s family.
After some discussion, I bought the property about 5% below the reserve price and also below my client’s budget limit. Needless to say, my interstate client was delighted!
