In this episode of the Home Buyers Australia podcast, Jack Corbett guides us through the challenge of auction bidding, providing valuable insights to help first-time buyers and seasoned bidders alike. Auctions can be intimidating, but Jack breaks down the process step-by-step, offering practical tips and strategies to boost confidence and avoid common pitfalls. From understanding the psychology of auctions to preparing well in advance and bidding confidently on the day, this episode is packed with actionable advice to help you get the right result.

Key Points Covered in the Episode:

• The psychology of auctions: how rhythm and pace influence buyers.
• Importance of having a clear plan and a firm price limit.
• Pre-auction preparation, including due diligence and contract review.
• How to bid confidently and avoid signaling your limit.
• Navigating scenarios where bidding doesn’t reach the reserve price.
• Why visiting other auctions can build confidence and familiarity.

TIMESTAMPS:

00:49 - Understanding the psychology of auctions: why they're designed to test you
02:05 - The importance of pre-auction preparation
06:34 - Setting your price & your stretch limit
11:53 - Projecting confidence: strategies for successful bidding
13:19 - Navigating reserve prices and post-auction negotiations
16:46 - Competition reflects value: interpreting market interest

ABOUT THE PODCAST:

Are you dreaming of owning your own home? Home Buyers Australia is your ultimate guide to navigating the Australian property market. Join mortgage broker Damien Walker and buyer's agent Jack Corbett as they break down the home buying process into easy-to-understand steps.

Damien Walker, a mortgage broker at Atelier Wealth, specialises in helping Australians navigate the complexities of property finance. With years of experience in the industry, Damien’s insights are invaluable for those looking to build a robust property portfolio.

Jack Corbett, a buyer's agent at Corbett Property Buyers, brings a wealth of knowledge in identifying and securing high-potential properties. Jack's expertise ensures clients make informed decisions that align with their long-term goals.

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