A property auction in Canberra can be a great way to buy or sell property in the area. Provided the conditions are favourable, bidding at an auction can be efficient, cost-effective and competitive, which tend to result in a better purchase price. Moreover, auctions help buyers to find properties quickly and easily, as they are given the opportunity to view available properties all at once.
The first property auction in Canberra was held in the early twentieth century in the form of livestock auctions, which were held in the suburb of Queanbeyan. In the 1920s and 30s, auctions for land and property began to take place in various parts of the city. The first real estate auction in Canberra was held in the late 1930s, at which land and residential properties were auctioned off.
In the 1950s, the number of property auctions in Canberra increased as demand for property increased. Auctions had become a popular way to sell land and property by the 1960s.
The 1970s saw an increase in the number of auction houses in Canberra and the introduction of new auction techniques like sealed bids. Not until the 80s was the Canberra Real Estate Institute established, which allowed buyers and sellers to access more information about the properties being auctioned.
Between the 1990s and 2000s, in keeping with technological advancements, online bidding was introduced, giving buyers the opportunity to bid from anywhere in the world. The number of property auctions in Canberra has continued to rise, with hundreds of auctions taking place each year.
Property auctions can be tricky especially for newcomers. However, these 5 tips will not only get you started, but will also help you avoid mistakes in purchasing property:
Before you attend an auction, make sure you have your finances in order. Having a mortgage pre-approval letter in hand will help you make sure you are able to purchase a property if you are the successful bidder. It also shows sellers that you are a serious buyer.
Before the auction, make sure you understand the auction process. This includes understanding what a reserve price is, and how bidding increments work. More importantly, know the terms of the auction, such as the payment methods accepted and the timeframe for closing.
Do your research on the property and the neighbourhood before the auction. Make sure you know the market value of the property, and the potential rental income. If you are able, visit the property in person and inspect it. Also, do a title search to make sure there are no liens or other issues that could affect your ownership.
Before the auction, take the time to study the auctioneer. You will want to understand their particular style and how they handle the auction process, so you can negotiate where necessary.
Do not forget to set a budget and stick to it. Decide how much you are willing to spend, and do not let the emotions of the auction take over. This includes not just the purchase price of the property, but also costs such as closing fees and repairs.
The secret to a successful auction bidding in Canberra is to always be prepared. Know your priorities as a homebuyer and pay attention to the tips listed above. Remember to research the property you are interested in and set yourself a maximum budget before attending the auction. Be familiar with the terms and conditions of the auction, such as the reserve price, and be aware of any special conditions that may affect your bid. Walk away if the price goes too high. Finally, if you are successful in your bid, make sure you have the funds ready to make a deposit before the auction ends.
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