Advice for buying a property at auction

Whether you're a first home buyer or considering buying a property at auction, the process can be daunting if you're not familiar with what happens at auction. At Ray White, auctions our the lifeblood of our group and we have expert auctioneers across Australia who successfully call auctions on a weekly basis. Read the advice from our auctioneers below to learn more about the auction process and what's involved in an auction for buyers.

"For buyers, transparency of process is key to ensuring a fair outcome is achieved. It also allows buyers to conduct all necessary due diligence prior to auction, increasing their confidence in the transaction and allowing them to be in a stronger position than buyers who require conditions on their purchase - this is a huge advantage! The best advice for buyers is to spend time attending auctions to understand the dynamics of the process. You’ll also find agents are more than happy to provide you with helpful tips and insights to set you up for auction success. Don’t be afraid to reach out!"

Jeremy Tyrrell, Chief Auctioneer VIC/TAS

"Despite auctions being a nervewracking process to buy, auction is the most transparent way to secure real estate. It allows the buyer to see their competition on auction and it allows the buyers to freely negotiate directly with the seller. Auctions also provide buyers with time to complete their due diligence prior to auction."

Alex Pattaro, Head of Performance for NSW/ACT and Auctioneer

"Auctions can be advantageous for buyers because they offer a transparent and efficient way to purchase property. All bidding is done openly, so buyers can clearly see what others are willing to pay, helping them gauge the true market value. The fixed auction date eliminates long negotiation periods and uncertainty, allowing buyers to act decisively. Additionally, properties sold at auction are usually offered with all necessary documentation upfront, enabling buyers to do their due diligence in advance."

Valentina Parra, Sales Performance Executive and Auctioneer VIC/TAS

"Auctions offer a level playing field. Everyone has the same access to due diligence - finance, building and pest inspections, and market data before the auction day. On auction day, buyers know they’re competing transparently and have the chance to put their best offer forward. Even if they miss out, they leave with clarity about where the property is valued.

Many people worry that auctions are intimidating, but it’s worth noting that around 90 per cent of attendees have never bid at an auction before. Everyone is in the same boat. The best strategy is to bid confidently and quickly - long pauses between bids can signal to others that you’re reaching your limit. Bidding with purpose sends a strong message and can help secure the property.

Auctions also give buyers the emotional space to connect with a property, as the lead-up and competition build genuine engagement. This kind of connection is missing in off-market or rushed sales."

Patrick Derrig, Sales performance executive and Auctioneer WA

"Auction day provides a transparent forum where otherwise hidden and objective opinions on property pricing become common knowledge. Auction day is a platform to remove uncertainty of property pricing, as the competing bids from buyers should instil confidence as to the true market value. A common complaint from buyers when submitting offers in private treaty campaigns, is that these negotiations occur behind closed doors and therefore without the opportunity to see the apparent competition. Given that property pricing is multi-faceted and mostly objective, it’s often difficult for buyers to establish a true “walk away” figure when submitting an offer without the evidence of auction.

Auction is an even playing field for buyers, as everyone is bidding on the same terms and have the opportunity to offer a higher figure if their budget permits."

Sam Grover, Head of Sales Performance and Auctioneer SA/NT