On Sunday, 5 February 2023, our sister company, Harcourts will be hosting the largest property showcase in South East Queensland. Starting at 10am, 100 properties will be auctioned throughout the day, providing a platform for serious sellers to capture the focus of unconditional buyers and achieve premium prices. If you’re serious about selling (or buying), don’t miss the Harcourts’ Auction Festival.
Some of the reasons why sellers choose auction as their preferred method of sale include:
- Premium prices: The value of a property is determined by the market through bids, with competition driving the price to its highest level.
- Maximum offers: Buyers are compelled to bid the maximum they can afford, unlike traditional sales where they’re focused on how low they can negotiate the price.
- Positive results: Harcourts’ auctions typically deliver a 96 per cent clearance rate, with sale prices achieving close to 15 per cent more than traditional sales.
- Quick wins: Auctions are the quickest way to sell property. Most auctions are fast-paced and led by a sense of urgency and a fear of missing out.
- Focused buyers: Buyers have to do due diligence before the auction. Only unconditional buyers can bid and sales contracts are not subject to inspections or finance, allowing the sale to proceed without any delays.
- Best outcome for seller: There’s no pressure to sell if the reserve price isn’t achieved.
What Can You Expect?
Before bidding at auction, potential buyers must register their interest and obtain a bidder’s number. You’ll be sent details of the property or properties you plan to bid for and you must complete your own due diligence as sale by auction is unconditional and final.
On the day, the auctioneer will oversee the bidding process, taking bids from potential buyers and keeping track of the current bid price.
For each property being sold at the Harcourts’ Auction Festival, the seller will set a reserve price, and if bidding continues beyond the reserve price, the property will be sold at the fall of the hammer.
If yours is the winning bid, you must be ready to exchange contracts, pay a deposit and complete the sale.
How Can You Prepare?
Use this checklist to prepare to bid at auction:
- Know your budget: Get pre-approved finance ahead of the auction festival and set your maximum bid beforehand.
- Do your homework: Know the value of similar homes on the market.
- Attend viewings: Visit the property and complete your due diligence.
- Register your interest: Bring some form of identification such as a driver’s licence.
- Arrange finance: Get pre-approval and ensure your deposit is ready to pay over should yours be the winning bid.
While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Finservice Pty Ltd (Mortgage Express) for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication. A Disclosure Statement is available on request and free of charge.
Finservice Pty Ltd (Mortgage Express) is authorised as a corporate credit representative (Corporate Credit Representative Number 397386) to engage in credit activities on behalf of BLSSA Pty Ltd (Australian Credit Licence number 391237) ACN 123 600 000 | Full member of MFAA | Member of Australian Financial Complaints Authority (AFCA) | Member of Choice Aggregation Services.