There has been a short hiatus on the auction scene around town since mid-December but that is expected to change from this weekend with agents and auctioneers reporting plenty of properties set to go under the hammer in the coming months.
For those hoping to buy, attending an auction can be overwhelming.
Experienced auctioneer Gavan Reynolds, of Reynolds Auctions, suggested making sure you have the key legal elements required to participate in an auction is the most important element of preparation.
“If you are buying a residential property you must register to bid, some form of ID is needed and the most commonly used are drivers licence and passport,” he said.
“You must have a deposit. The simplest way to do this is to arrange a cheque. If you can’t access a cheque it is imperative to ask the agent well before auction day what other options are available.
“If you are sending someone else to bid for you a written bidding authority is required, which the agent can provide.”
Having a plan or strategy is equally important.
“Discuss and decide on your bidding strategy before you get to the auction,” Mr Reynolds said.
“Topics for this discussion are: Who will do the bidding? What will our first bid be? What will our limit be?
“A clear strategy will also help you bid decisively and with confidence which is imperative if you are to stake your claim for the property.”
He also said if you are feeling unsure about anything then “don’t die wondering” and ask the agents or auctioneer.
- More auction news page 5