Purchasing your property

Buying at Auction

Bidding at auction is no small deal. Before you bid, you have to know exactly what you’re doing and be aware of any issues relating to the property. When the property goes to you under the hammer, there is no cooling-off period. You must purchase the property.

Reserve Price

Just before the auction, the seller will give their agent a ‘reserve’ price. This is the absolute lowest price that the seller is willing to take. As a buyer, this reserve won’t be revealed to you, so it’s a good idea to familiarise yourself with recent sales in the area.

Passed In

Those times that a property doesn’t reach its reserve price, it can be ‘passed in’ or withdrawn from the auction. The vendor’s agent can then negotiate with any bidder, which may or may not result in a sale.

Purchase at Auction   

When a property is sold at auction, the successful bidder is obliged to sign the contract of sale and pay their deposit right then and there.

Building & Pest Inspections

A building inspection gives you an expert’s opinion on the property’s condition. You’re paying for

­a professional to pick up on any significant defects or problems. As well as whether or not other pests might be present in the property you’re looking at.

Strata & Company Title Searches

If you’re buying an apartment, townhouse or villa, it pays to carry out a strata report. This quick search will show you the history and identify any problems with the property. As well as list any past or proposed repairs to other units and common areas in the complex.