Today, we address a situation that many first-time home buyers are often faced with: to bid at auctions or avoid them altogether. We talk about the challenges and fears associated with auctions and examine if avoiding them is truly the best choice. This episode aims to make the auction process easier to understand and share practical tips to help you make well-thought-out decisions.

Auctions can be intimidating, they may seem simple in principle — as the highest bidder gets the property. But, in reality, it's quite complex and many potential buyers steer clear of them, opting instead for what feels like easier options. However, in areas where auctions dominate the real estate market, avoiding them might mean missing out on the best properties. So, what should you do if you're caught in this dilemma?

Don't let uncertainty hold you back from exploring the opportunities auctions offer. Tune in now to equip yourself with the tools and confidence needed to seize the best deals in the market.

Episode Highlights:

00:00 - Introduction

02:45 - Meighan’s special house of the week

06:23 - What are the two main methods of property sale?

07:33 - Why an owner or agent would choose to go down the path of having a public auction

10:18 - Importance of understanding the steps involved in accurately pricing property

13:56 - Why setting a limit as a buyer before going into an auction is vital

17:12 - Discussing the pros and cons of pre-auction offers

21:26 - Reasons why an agent would use pre-auction offers

24:06 - Understanding the types of bidders at auctions

26:41 - Why it’s essential to understand the different laws on property in every state/territory

Resources mentioned in this episode:
The Elephant in the Room Property Podcast Episode 1: Who is Really Making the Decisions When You Bid at Auction? https://www.theelephantintheroom.com.au/podcasts/1
FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Your First Home Buyer Guide Podcast Episode 127: The Property Blueprint: Experts Decoding State Rules Across Australia (Part 1 - Auctions) https://homebuyeracademy.com.au/podcasts/127
Auction Ready: How to Buy Property at Auction Even Though You’re Scared S#!TLESS by Veronica Morgan https://gooddeeds.com.au/auction-ready/
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG

Resources:
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
Visit our website https://www.homebuyeracademy.com.au/
If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast - support@homebuyeracademy.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!
Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

Today, we address a situation that many first-time home buyers are often faced with: to bid at auctions or avoid them altogether. We talk about the challenges and fears associated with auctions and examine if avoiding them is truly the best choice. This episode aims to make the auction process easier to understand and share practical tips to help you make well-thought-out decisions.
Auctions can be intimidating, they may seem simple in principle — as the highest bidder gets the property. But, in reality, it's quite complex and many potential buyers steer clear of them, opting instead for what feels like easier options. However, in areas where auctions dominate the real estate market, avoiding them might mean missing out on the best properties. So, what should you do if you're caught in this dilemma?
Don't let uncertainty hold you back from exploring the opportunities auctions offer. Tune in now to equip yourself with the tools and confidence needed to seize the best deals in the market.
Episode Highlights:
00:00 - Introduction
02:45 - Meighan’s special house of the week
06:23 - What are the two main methods of property sale?
07:33 - Why an owner or agent would choose to go down the path of having a public auction
10:18 - Importance of understanding the steps involved in accurately pricing property
13:56 - Why setting a limit as a buyer before going into an auction is vital
17:12 - Discussing the pros and cons of pre-auction offers
21:26 - Reasons why an agent would use pre-auction offers
24:06 - Understanding the types of bidders at auctions
26:41 - Why it’s essential to understand the different laws on property in every state/territory
Resources mentioned in this episode:
<ul>
<li aria-level="1">The Elephant in the Room Property Podcast Episode 1: Who is Really Making the Decisions When You Bid at Auction? <a href="https://www.theelephantintheroom.com.au/podcasts/1">https://www.theelephantintheroom.com.au/podcasts/1</a></li>
<li aria-level="1">FREE MINI COURSE: How to price property like a professional <a href="https://www.homebuyeracademy.com.au/freecourse">https://www.homebuyeracademy.com.au/freecourse</a></li>
<li aria-level="1">Your First Home Buyer Guide Podcast Episode 127: The Property Blueprint: Experts Decoding State Rules Across Australia (Part 1 - Auctions) <a href="https://homebuyeracademy.com.au/podcasts/127">https://homebuyeracademy.com.au/podcasts/127</a></li>
<li aria-level="1">Auction Ready: How to Buy Property at Auction Even Though You’re Scared S#!TLESS by Veronica Morgan <a href="https://gooddeeds.com.au/auction-ready/">https://gooddeeds.com.au/auction-ready/</a></li>
<li aria-level="1">Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers <a href="https://homebuyeracademy.com.au/YFHBG">https://homebuyeracademy.com.au/YFHBG</a></li>
</ul>
Resources:
<ul>
<li aria-level="1">Meet our recommended mortgage brokers at Home Buyer Academy <a href="https://homebuyeracademy.com.au/brokers">https://homebuyeracademy.com.au/brokers</a></li>
<li aria-level="1">Visit our website <a href="https://www.homebuyeracademy.com.au/">https://www.homebuyeracademy.com.au/</a></li>
<li aria-level="1">If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast - <a href="mailto:support@homebuyeracademy.com.au">support@homebuyeracademy.com.au</a></li>
<li aria-level="1">Looking for a Sydney Buyers Agent? <a href="http://www.gooddeeds.com.au">https://www.gooddeeds.com.au</a></li>
<li aria-level="1">Work with Veronica: <a href="http://www.veronicamorgan.com.au">https://www.veronicamorgan.com.au</a></li>
<li aria-level="1">Looking for a Brisbane Buyers Agent? <a href="https://www.propertypursuit.com.au/">https://www.propertypursuit.com.au/</a></li>
<li aria-level="1">Work with Meighan: <a href="https://www.linkedin.com/in/meighanwells/">https://www.linkedin.com/in/meighanwells/</a></li>
</ul>
If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!
<ul>
<li aria-level="1">Subscribe on YouTube: <a href="https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast">https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast</a></li>
<li aria-level="1">Subscribe on Apple Podcasts: <a href="https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825">https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825</a></li>
<li aria-level="1">Subscribe on Spotify: <a href="https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f">https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f</a></li>
</ul>

Your First Home Buyer Guide. Get there without missing a step.

Your First Home Buyer Guide. Get there without missing a step.

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