egghead4

I was just wondering this, as I see many houses in oz actually go to auction. can you get some good deals buying a house this way?
as with anything when selling and buying property, I bet there are also some :curse: cases as well.
bec

louie

We did - from the UK using a buyer's agent (Jacques from this forum) on the other end of the phone - with no dramas.

It is different from the UK though in that in the UK generally it is only difficult to sell, repossessed or 'different' houses and flats that go to auction and you generally have to be fairly brave to buy at auction and might get a bargain because there are fewer potential purchasers.

In Oz it's perfectly normal to buy and sell that way. So I wouldn't expect any bargains, just houses or units which are sold for whatever someone is prepared to pay, if you see what I mean.

NickyC

We've bought and sold at auction. You certainly don't get any bargains - but if you want a buy property around here you have to join in and do it.

Frankly, it's still a terrifying experience. Unless you're really confident, I'd echo what Louie has said and get a buyers agent to bid on your behalf. It's so easy to say that you'll stick to your limit - but so hard to do.

rosscov1970

We also bought at auction and have to agree with the other posters, it is a hideous experience. In fact we tried, unsucessfully, to buy 6 other houses at auction before we eventually succeeded in buying our home. However, although hugely disappointing and frustrating everytime we missed out, it was excellent experience and when we finally bid on our current home we were far less nervous and had a much better understanding of the market and a very clear plan of attack....and thank god it worked. I would suggest that once you decide on the suburb/s you wish to buy in, you go to as many auctions as possible even those properties you are not remotely interested in. You will get a good feel for the process and when your 'time' comes you won't feel so green....good luck.

JustBecause

Just to balance this out, we had a postive experience with buying at auction. Previously we tried making offers on a non-auction property but it effectively ended up in a telephone auction with other interested parties phoning in offers to the estate agent often only 1 or 2k different & it went on for days which was a tedious experience.

At the auction we won there was only one other interested bidder. We went to our limit which was actually way below the reserve but the seller agreed to our price as they were moving to NZ & wanted to get rid of the property. There was another interested party but as they hadn't sold their property they couldn't bid as they didn't know what they had to spend.

So in some cases if you pick a property with particular circumstances you may be lucky! We used a small local Estate Agents that really gave us a personal service which helped a lot too.

ulpul

Definately bargains to be had, no doubt about it, mine was such a case.

Yes it can be intimidating but you have made the decision to move to another country, buying a house is small talk compared to leaving your friends and family and comfort zone. Stand tall and be counted.

Plenty of Aussies will help you out if you are unsure, they are the friendly bunch you chose to integrate with

Yes I prefer the traditional method of buying in the UK and have made offers outside of auction here without success but thats the way the cookie crumbles. I have missed out on 2 nice apartments but I now have one I am happy with

egghead4

thanks everyone, its great to see different experiences, good and bad.
bec