25 September 2024

'Go hard and be prepared': tips on bidding for your next home at auction

| Jacqueline Lyons
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Man selling a house at auction

The Property Collective auctioneer Jeremy Grobben says he loves everything about selling houses. Photo: The Property Collective.

Helping people sell and buy homes is a passion for this auctioneer, and soon he’ll be doing it at Canberra’s biggest event – Floriade.

For a second year, The Property Collective will auction off 16 properties from all around Canberra.

The Property Collective sales agent and auctioneer Jeremy Grobben says that after last year’s success, they are excited to bring the live auctions back to the Tulip Stage on 29 September.

“Last year was just fantastic. There’s something magical about Floriade, the weather was great and people were just really happy to be there,” Jeremy says.

“It was great to take part in.”

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Jeremy started his career as an auctioneer three years ago and says he loves every minute of it.

“It can be stressful even watching auctions, let alone running them, but it’s gratifying to be part of such an exciting day for both sellers and buyers,” Jeremy says.

Previously a chef, Jeremy says his ability to multitask has come in very handy when running auctions.

“Your mind is constantly racing. You have to keep track of the numbers, read people’s body language, hold people’s attention and remember that every word you say can make a difference.”

People standing on a stage

Auctioneers Property Collective’s Jeremy Grobben and Dan Hawcroft in action at Floriade in 2023. Photo: The Property Collective.

Jeremy says one of the best things about being an auctioneer is no two auctions are the same.

“We have had some crazy auctions over the years; the hammer was about to go down when someone ran into the auction, almost screaming a bid,” Jeremy says.

“We got them registered straight away, and they only just missed out, but it was definitely an exciting time to see someone come in so quickly like that.”

When it comes to bidding on a property, no matter where it is, Jeremy says preparation is key.

“A while ago, we had someone bid on a house, but their finance wasn’t approved, so we had to put the auction on hold and get back to it two days later,” Jeremy says.

“They managed to get the property, but they ended up paying a little bit more because of the delay, so it’s important to get all that sorted before you show up on the actual day so you don’t end up paying extra.”

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When it comes to the auction process, Jeremy offers this advice to bidders.

“Go hard and fast. If you lowball the price, it only raises the competition faster and the property will go for more in the long run,” Jeremy says.

“Don’t hesitate, come prepared, know your limit, even if that means writing it down and keeping it on you so you don’t forget.

“Also, try to stay within 4 per cent of the asking price; it’s just going to increase your chances of success,” Jeremy says.

Along with the auction, as proud sponsors of Floriade in 2024, The Property Collective has provided over 300,000 bulbs to brighten Canberra’s streets in the lead-up to the event. And, in conjunction with The National Zoo and Floriade, The Property Collective is offering a chance to win a diamond family pass for Canberra Zoo every week. Visit The Property Collective’s Instagram for more details.

The Property Collective will be hosting their spring auctions live from the Tulip Stage at Floriade on Sunday, 29 September, from 10:30 am to 12:30 pm. For more information, visit The Property Collective.

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devils_advocate8:58 am 26 Sep 24

I would add:

1) never bid against yourself. If you are the top bid, you’ve won the auction, do not throw in extra at the request of the seller’s agent. You will by definition be paying above market price.

It’s always worth calling the seller’s bluff. The fact that the seller’s reserve wasn’t may simply mean the reserve was unrealistically high.

Yes you may lose a few but you put yourself in a position to score a bargain when the market is weak (see below)

2) the best time to buy – either at auction or otherwise – is when the market is weak, valuations are poor and finance is hard to come by. Paying cash comes into its own here. If you had significant exposure to the property market pre-COVID there’s no excuse to NOT be a cash buyer.

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