Another auction recently resulted in my client acquiring her target property.
On a lovely sunny spring morning, I opened the bidding as her proxy on a single-family home in a very desirable inner northern Adelaide suburb.
Bidding was brisk until we approached what I had judged was probably a fair market price.
We were down to $5,000 bids, some from an interstate buyer who participated online.
After many compelling words from a very persuasive auctioneer, and a short, private discussion between him and the current owners, the hammer came down on my final bid – to the delight of my client.
We secured this property with a bid only slightly over a round number. But it was enough to deter the two other bidders who had kept pace up to that round number.
Here’s a tip if you’re planning to bid at auction: Don’t make your upper limit a round number such as $800,000 or $1,400,000.
Here’s another tip: If you intend to buy at auction but have doubts about your ability to handle that situation, find someone to bid on your behalf.