Auction results Perth

Perth is not used to auctions that much. Thus investors who are prepared can get bargains at auctions.

A few months ago, a property at Lanford came to auction with the price guide of 300-400k. Bidding went up to 317k. And the agents talked to the sellers and sellers were ready to accept 321k. But none of the bidders were ready. Next week the property was in the market as "from 349k" and went under offer straightaway. Finance failed and came again to market as "from 365k" and gone under offer again. If that buyer was prepared on the auction day, would have bought for 40k less!

We bought a house in Kenwick at auction. I reckon if it was marketed with a price guide, they could have got 10-15k more.

Another property was sold in Maddington for 295k in auction. Could have sold for 325k if there was no auction.

I don't know how development sites are being bought. But in bread and butter suburbs, most auctions are good opportunities if the seller has to sell on that day.
 
You do have to be more prepared for auctions are they are unconditional sales - you need finance, pest, building etc all done before Auction and have deposit ready.
On the deposit note, many of them are set at 10% in the contract by default but I have found that you can have that ammended before auction if you ask, ie "Can I please just put down $10,000 or 5%?" and the agent will check.
 
westminster said:
You do have to be more prepared for auctions are they are unconditional sales - you need finance, pest, building etc all done before Auction and have deposit ready.
On the deposit note, many of them are set at 10% in the contract by default but I have found that you can have that ammended before auction if you ask, ie "Can I please just put down $10,000 or 5%?" and the agent will check.
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Yes, have to be fully prepared. And that is why many buyers just don't bid because they have no idea whether they can get the loan. And some are not so comfortable paying for all inspections before signing a contract. (Outer ring suburbs)

In the auction we bid, I negotiated the deposit to be $5k. With hindsight I shouldn't have done it. More bidders than I expected turned up probably encouraged by the lower deposit.
 
westminster said:
You do have to be more prepared for auctions are they are unconditional sales - you need finance...
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This one allowed bidding subject to finance. The deposit was $20k. The agent made it clear at the auction that if you could not get finance you would lose your deposit.
 
I think Perth is starting to change, certainly auctions are becoming more frequent than say 10 years ago. We are a little behind, I recall when people in Perth would not use Mortgage brokers a different story today.

You only need 2 people competing for the same property at an auction and prices can soar very quickly, add emotion and a recipe for a great outcome.

Ashfield auction recently was a perfect example, fierce competition.
 
MTR said:
I think Perth is starting to change, certainly auctions are becoming more frequent than say 10 years ago. We are a little behind, I recall when people in Perth would not use Mortgage brokers a different story today.

You only need 2 people competing for the same property at an auction and prices can soar very quickly, add emotion and a recipe for a great outcome.

Ashfield auction recently was a perfect example, fierce competition.
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Yes you're right! I was just looking through Bassendean listings and there is two auctions coming up for fairly unique properties.
 
INVSTOR said:
Yes you're right! I was just looking through Bassendean listings and there is two auctions coming up for fairly unique properties.
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Hi INVSTOR

As most would know everything in Melb pretty much goes to auction.

I sold a period home via auction in Melbourne 5 years ago and it needed renovating and underpinning, building inspections should be organised prior to bidding, but the successful buyers did not organise this because they knew another couple had a report completed and figured if they were still interested in my property it had to be structurally sound, big mistake. They paid top $ at the time $700,000, and major work was required.

Anyone going to auction needs to ensure inspections are conducted etc, or could get burnt.
 
MTR said:
Hi INVSTOR

As most would know everything in Melb pretty much goes to auction.

I sold a period home via auction in Melbourne 5 years ago and it needed renovating and underpinning, building inspections should be organised prior to bidding, but the successful buyers did not organise this because they knew another couple had a report completed and figured if they were still interested in my property it had to be structurally sound, big mistake. They paid top $ at the time $700,000, and major work was required.

Anyone going to auction needs to ensure inspections are conducted etc, or could get burnt.
Click to expand...

It depends what you are buying for. I bought a development site in Heidelberg Heights with an old knock down house, so I didn't get any inspections done. 5 years later it's still standing so it can't have been too bad ;)

But yeah, if you are paying for the house (as opposed to land value) and want to keep the house, you are best off finding out about it before going to auction.
 
perthguy said:
It depends what you are buying for. I bought a development site in Heidelberg Heights with an old knock down house, so I didn't get any inspections done. 5 years later it's still standing so it can't have been too bad ;)

But yeah, if you are paying for the house (as opposed to land value) and want to keep the house, you are best off finding out about it before going to auction.
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The property I mentioned was a period home, in this case one would be a fool not to organise an inspection.

In your case and similar to what I purchased in August last year, development site, why would you bother with a building report, rent it out while organising plans and permit:)
 
simtr said:
Don't you guys get an emailed auction results pdf report each week? We get one here in Melb from Domain.
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Just had a look for this, can anyone guide us all on where to find the setup/registration for this, not that familiar with the domain site
 
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