Preparing for auction

The excitement and anticipation of an auction is probably the way most people imagine they will buy a property.

The idea of bidding at auction can be daunting or thrilling depending on the individual. Most likely it will be a little of both. Of course, the best way of approaching an auction is to take the emotion out of it, but that's easier said than done.

Before you get hold of that paddle, it's a good idea to do some field research. Attend as many auctions as possible to understand how they work and observe bidding behaviour. The experience will go towards informing your 'game plan' for auction. Begin taking notes of the recently sold prices in your area of choice so you know what price range to expect.

Ahead of the auction, thoroughly read the contract of sale and get all of your questions answered by the agent before the big day.