Despite the increasing popularity of auctions in Queensland, many buyers are making mistakes with regard to their strategies in winning an auction, leaving them empty-handed most of the time.
According to two of Queensland's leading and award-winning auctioneers, one of the most common major mistakes that they notice among buyers is that they wait for the property to be out on the market before making a move.
"In Queensland, there's no legal obligation for a property to be announced on the market. It's a courtesy rather than a legality," said Apollo Auctions director Justin Nickerson. "A lot of buyers will have a strategy of waiting for the property to be announced on the market before they start bidding. If your whole strategy is based around waiting for that to happen, you're actually basing it around something that may or may not occur and legally doesn't have to."
In addition, former Queensland and Australasian Auctioneer of the Year Jason Andrew said that bidders are often looking for reasons not to make a bid. He noted that the only question that bidders need to ask themselves is, "Do you want to buy the home?"
"If you want to buy the home, then bid. Be involved. That's the thing that consumers must understand. They must know that they're dancing with fire if they don't bid," Andrew said.
Nickerson advised bidders not to prematurely decide that they will not be able to "beat" the agent or auctioneer.
"You don't have to beat the agent or the auctioneer to secure the property," he said. "You only need to beat the next highest bidder."
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