Auction Bidding Service
Saving clients big money through effective auction tactics
Auction Bidding Agents in Melbourne
Auctions are designed to maximise competition between buyers, and deliver vendors the highest possible sale price. Too many bidders get emotional and lose sight of their intended budget. We’ve been to auctions where successful purchasers have looked horrified by what they’ve done!
As licensed agents with years of experience in auction bidding, we increase your chances of securing the property; we regularly save clients tens of thousands of dollars through smart tactics.
A Few Tips for Auction Bidding in Melbourne
A Multi-Million Dollar Case Study
A client asked me to bid at auction for his dream family home. Listed at $1.9 – $2.1m, he was comfortable paying $2.24m. We talked through the strategy beforehand: Wait until it’s on the market (I knew the agent well and was confident of not missing out on post-auction negotiations); jump in once one or more bidders dropped out; bid in $10k increments only; raise the hand, bid loud and firm. On the market at $2.1m, the first bidder dropped out at $2.16m, we jumped in at $2.18m, and secured it at $2.22m. A professional bidder told the agent afterwards he stopped at $2.21m because he didn’t think we’d stop – little did he know!
Hear from our happy clients
“I’ve used Andrew and his team for 2 great townhouse development sites and will be
looking to use them again in future. The data driven, analytical approach is such a step-change from others I’ve dealt with in the market. I have recommended Property Analytics to various friends and colleagues and will continue to do so in the future.”
Adam Sales
“Property Analytics provided data, expertise and confidence to the decision making process at a time when decisiveness was important with a fast moving market. Having someone do the time consuming research, initial viewing and analysis made business sense for us, particularly as we are part time investors with full time jobs.”
Lee Jones
“My family and I were looking to get into property development in Melbourne in 2015.Andrew his team have helped us complete two successful projects. Andrew is honest, transparent and smart. We have put a lot of faith in him and his team – we haven’t been disappointed”
Bassel Saab
“We’ve worked closely with Andrew Stone and Property Analytics for 11 years. This
partnership has helped us understand our marketplace clearer, and enabled us to better identify our strengths and improve on our weaknesses. I have no hesitation in declaring that Property Analytics has greatly contributed to our success across all offices and markets.”
Arch Staver
“Andrew is the perfect partner when seeking a development site. He brought together impressively in-depth data analysis with simple wisdom to identify the right site for our project, and gave us great confidence that we were doing the right thing.”
Greg Shoemark
“Property Analytics found the site, completed a comprehensive feasibility study, negotiated the purchase at auction (at a great price), and assembled a professional team that completed the project from end-to-end. I’d gladly recommend Property Analytics to someone thinking about getting into property development.”
Mark Aiello
“這個團隊憑藉的是用熱情達成您的託付 並以專業服務您。他們會聽取您的所需並盡
全力達成您的需求。 強烈推薦。This team is hardworking and driven. Your goals are
valued and met. Highly recommended.”
Rosie Koh
“We’d been looking for a block to build our forever family home. The help Andrew provided in determining the site’s market value, assessing the design constraints, and negotiating the purchase (at $100k less than we were willing to pay!) proved invaluable. Quality service.”
Daniel Steffanetti
“Andrew is very approachable and responsive. We learnt heaps along the way to purchasing an investment property with his help. We’re pretty happy!”
Laura Piu
“Property Analytics knows the Melbourne real estate market very well. Andrew continually provides us information on emerging trends and important market conditions, and explains statistics in simple language that people can understand. We’ve enjoyed working with Property Analytics for years.”
Steve Abbott
“Andrew does what he says he will. He’s acted with integrity, and has demonstrated a real commitment to our long-term working relationship. We couldn’t be happier with our dealings with Property Analytics, and have no hesitation in in recommending their services.”
Matt Bourn
Ready to act on your real estate goals? Lets talk
Have questions? Some FAQs
We strive to be as transparent as possible in everything we do.
What is an auction 'reserve'?
The vendor (seller) tells the auctioneer quietly before the auction the lowest price he/she will accept for the property. Any bidding below this ‘reserve’ amount won’t result in a sale – only bids above the reserve can secure the property.
What does 'passed in' mean?
If bidding stops before hitting the vendor’s reserve price (only the vendor and the auctioneer know what this reserve price is) then the property passes in. The auction is over, the property doesn’t sell, and the vendor will most likely list the property for sale with a fixed price early the next week.
What does 'on the market' mean?
A property cannot be sold at auction until bidding reaches the vendor’s reserve price. Once bidding hits the reserve price, the auctioneer will say that the property is on the market, meaning that the highest bidder from that point on will purchase the property. Any bidding before the reserve price is met doesn’t really count towards purchasing the property – it’s about ramping up the competition between bidders.
How does an auction in Melbourne work?
The vendor decides on a reserve price (the lowest he’ll sell for) prior to the auction. Once bidding hits that reserve price, the auctioneer will declare the property ‘on the market’ and the highest bidder from that point will purchase the property. If bidding doesn’t reach the reserve price, then the property is passed in, meaning it is not sold.
Why do vendors choose to sell via auction?
Auctions are designed to maximise the competition between buyers, and get the highest possible price for the vendor. When bidders get emotional, they’re likely to bid more than they intended to, and that’s when crazy prices can be achieved. Auctions are transparent, and a lot of vendors choose to sell through this method because of this (think about a deceased estate with multiple beneficiaries, for example).
Any tips for auction bidding in Melbourne?
It helps to have the biggest budget compared to other buyers. But, even if you do, other bidders can sometimes get caught up in the emotion and pay more than they originally intended. Try to bring down the competitive emotion if you can. Never look uncertain or indecisive. And beware, when you purchase a property at auction, it is an unconditional sale – you can’t negotiate things like finance approval, building inspections, etc after the purchase.
