Jellis Craig Property Journal Edition 109 2016

Property Magazine

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EDITION 109

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5th - 11th May 2016

WINNING AT AUCTION

Melbourne is the world’s property auction capital with the majority of the city’s homes sold under the hammer. As a buyer in Melbourne, your knowledge of the market and how to participate at an auction is extremely important.

Know what you are bidding on Researching the market and the area in which you want to buy in is imperative. Your research should utilise multiple sources such as contract of sale and conditions, neighbours, local council and real estate professionals. It is a good idea to attend several auctions to observe and understand the auction process.

You can subscribe to Jellis Craig’s weekly e-bulletin for regular market updates or request a copy of one of our many suburb property reports.

Set your limit Decide your maximum price well in advance of the auction. Some people like to set their limit at an odd number rather than an even or rounded number should the auction bidding end in smaller increments.

In addition make sure that your financing is in order, having a personal chequebook can be a fuss-free way of paying a deposit.

Understand the auction rules There will be a set of auction rules on display at the property, ensure you review these and know the know difference between a reserve and a vendor bid, understand how reserves are set and know what type of actions are prohibited during the auction.

Confidence Finally if you have done all your homework you should be confident enough to bid at an auction. Stand in clear view of the auctioneer, don’t be afraid to place a bid, transparency in bidding can pay off, ensuring you don’t miss an opportunity. Stand your ground during the auction but don’t see the auctioneer as an adversary.

As your local property experts Jellis Craig can provide you with relevant tips to help you succeed at auction or to find the right property. Contact your local office to discuss strategies today.

CONTACT US JELLIS CRAIG ARMADALE

JELLIS CRAIG CLIFTON HILL

Jessica Beckham Tim Bennison Will Bennison Charles Boyd Adam Cashmore Iain Carmichael Damien Davis Jonathon Eaves Carla Fetter Lachie Fraser-Smith Genevieve Hoyle Jessica Lander Andrew Luke Andrew McCann Ian McLennan Dawn Meyer Lauren Meyer John Morrisby Kevin O’Brien Mark Robertson Monica Rezk David Sciola Sarah Sharp Talia Tomaino Danielle Waterton

Bev Adam Hamish Adam Rian Knight Lee Muddle Danielle Reynolds Craig Shearn Simon Shrimpton Anita Taylor

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JELLIS CRAIG DONCASTER

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JELLIS CRAIG MACEDON RANGES 91 High Street, Woodend Telephone: 5427 2800 Terry Gibson Paul Keane Carole Lenander Tom May Kirsten Seager

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JELLIS CRAIG MOUNT WAVERLEY

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JELLIS CRAIG NORTHCOTE

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JELLIS CRAIG SORRENTO

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