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Buying a home

How an auction works - The Auction Advantage Ep 1

13 August 2018

Nicole Jacobs, buyers advocate for Channel Nine's The Block, presents The Auction Advantage: tips to help you understand the auction process.

Bidding at auction isn’t rocket science, but you do need to know a few things beforehand in order to bid at the right moment and control your spending.

Nicole explains the basics of how an auction works

To recap on Nicole’s tips a typical auction works like this:

  1. The auctioneer will start by talking about the property and surrounding area
  2. You’ll then be told the auction rules
  3. The auctioneer will tell you the assets of the property; then
  4. They’ll a call for an opening bid.

This is your chance to kick things off with a big and bold offer, or perhaps stay silent and wait for an opening vendor bid.

Tip: You’ll need to know whether it’s going to be a referral or a non-referral auction. If it’s a referral auction the auctioneer may have to refer all bids to the vendor, or if it’s a non-referral, the bids will keep rolling in until the property is sold.

 

Visit the Home Buying Guide for more tips

 

Ready for the next step?

Hear some of Nicole’s tips on how to prepare for auction day in Episode 2.

 

Nicole Jacobs

Nicole Jacobs is founder and director of Nicole Jacobs Property and a licensed REIV estate agent. Nicole is passionate about helping people find their dream property and regularly appears on Channel Nine’s The Block as a buyers advocate. With nearly 20 years business experience, Nicole is a big supporter of women in real estate and empowering them to achieve their goals.


Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement or Product Information Document before making any decisions about whether to acquire a product

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