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Buying a home

How to prepare for auctions - The Auction Advantage Ep 2

14 August 2018

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

When you’re in the market to buy a new property, auction day is an exciting time. But of course, it can also be fraught with nerves, so it pays to be prepared.

How to prepare for auction day

Nicole’s top tips

Make sure you’re prepared so you can bid at auction with confidence:

  1. Organise your finances before auction day – know how much money you have to spend and have it in writing. Need help with your finances? Contact a Suncorp Mobile Lender.
  2. Find a property that’s worth your money – do your research and go out there to find the property you actually want to buy.
  3. Have your contracts checked before auction – don’t bid on anything until a solicitor or conveyancer has looked over any contracts.
  4. Organise a building and pest inspection – you’ll have more confidence at auction if you’re fully informed about the property’s condition and know what extra costs might be involved if you win.
  5. Know the rules of engagement in your state – each state in Australia has different rules around purchasing a property. Do your due diligence and make sure you know what you need, as well as where you need to be and when.

Visit the Home Buying Guide for more tips

Ready for the next step?

Nicole takes you through how to bid at auction and what to do when it comes time to negotiate.

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.

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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