Thanks for sharing Luke. Interesting to hear your approach to auctions. My partner and I went to spectate one at Red Hill last weekend for shits and gigs and it went at least 400k over our estimate at 2.3 mill! I wish I was a seller right now, but damn glad I bought before this shit show hit Brisbane. I wouldn't know left or right going to an auction right now with the current atmosphere but it defs helps to see how you rationalise it.
Love seeing comments like this! Haha so good The market is hot right now. We're noticing in both our Auction and Private Treaty negotiations. Pretty hard to predict prices at auction.. 2.3m! WOW. That would be some happy sellers!! We really try to keep any emotion out of auctions when bidding. Always set a limit prior to bidding and stick to it
Great advice. I like this strategy. In this market, I'd probably wait until it is on the market or to make a very strong opening bid at the high end of the domain price guide, or bank evaluation range [assuming that is below what you are willing to pay]. I think a lot of people see the midpoint of these price guides and set their max bid close to them. In this market, the property is basically always going to go for the upper end of the range (or even higher). Setting the opening bid high, I think knocks a lot of people out, and makes it look like less people are interested. The one disadvantage of waiting until it is on the market, is that if it never gets on the market, the highest bidder has the first right to negotiate with the owner. Although, I assume the owner will likely talk to everyone who sticks around.
Totally agree. At the end of the day, the highest bidder will win but you can try and knock out other bidders and play with emotions to try and sway the outcome in your favour. We put our bidding strategy to the test on another property which we ended up purchasing for ourselves! There will be a video dropping very soon, once is settles
Good luck with the search! I’m sure you will end up purchasing something much better :) Which Brisbane suburb do you suggest with a high $600k budget? Thank you!
Thankyou! We hope so too. We may have secured something...! 👀 so keep an eye out for a video soon. Checkout Taigum & Brighton on the Northside + Rochedale South & Kuraby in the south
Yet another example of why buying at auction is a total waste of time. Auctions favor the agents, not the vendor. More marketing, more fees. I think it's a con and have never auctioned any of the properties in our portfolio.
Auctions totally depend on the bidder demand but definitely work well for selling agents to guarantee an unconditional sale and build their sales brand. I quite enjoy bidding at auctions for myself and clients, as it's a transparent process when buying. Better to get pre-market or private treaty deals if you can, to secure the property without inflating the price
Thanks for sharing Luke. Interesting to hear your approach to auctions. My partner and I went to spectate one at Red Hill last weekend for shits and gigs and it went at least 400k over our estimate at 2.3 mill! I wish I was a seller right now, but damn glad I bought before this shit show hit Brisbane. I wouldn't know left or right going to an auction right now with the current atmosphere but it defs helps to see how you rationalise it.
Love seeing comments like this! Haha so good
The market is hot right now. We're noticing in both our Auction and Private Treaty negotiations. Pretty hard to predict prices at auction.. 2.3m! WOW. That would be some happy sellers!!
We really try to keep any emotion out of auctions when bidding. Always set a limit prior to bidding and stick to it
Great advice. I like this strategy. In this market, I'd probably wait until it is on the market or to make a very strong opening bid at the high end of the domain price guide, or bank evaluation range [assuming that is below what you are willing to pay]. I think a lot of people see the midpoint of these price guides and set their max bid close to them. In this market, the property is basically always going to go for the upper end of the range (or even higher). Setting the opening bid high, I think knocks a lot of people out, and makes it look like less people are interested. The one disadvantage of waiting until it is on the market, is that if it never gets on the market, the highest bidder has the first right to negotiate with the owner. Although, I assume the owner will likely talk to everyone who sticks around.
Totally agree. At the end of the day, the highest bidder will win but you can try and knock out other bidders and play with emotions to try and sway the outcome in your favour. We put our bidding strategy to the test on another property which we ended up purchasing for ourselves! There will be a video dropping very soon, once is settles
Shame you missed out. Good luck with your next purchase...
We will hopefully have some exciting news to share very soon...
Good luck with the search! I’m sure you will end up purchasing something much better :) Which Brisbane suburb do you suggest with a high $600k budget? Thank you!
Thankyou! We hope so too. We may have secured something...! 👀 so keep an eye out for a video soon.
Checkout Taigum & Brighton on the Northside + Rochedale South & Kuraby in the south
Yet another example of why buying at auction is a total waste of time. Auctions favor the agents, not the vendor. More marketing, more fees. I think it's a con and have never auctioned any of the properties in our portfolio.
Auctions totally depend on the bidder demand but definitely work well for selling agents to guarantee an unconditional sale and build their sales brand. I quite enjoy bidding at auctions for myself and clients, as it's a transparent process when buying. Better to get pre-market or private treaty deals if you can, to secure the property without inflating the price
I recon it will be demolished
I think you're right! I reckon they're building their dream home