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How to Stay Calm When Buying at Auction

Auctions are becoming far more common in Australia and there is plenty of competition when it comes to buying property at one. According to Property Observer, Sydney is posting 80% clearance rates, a sign of the interest in auctions.

When attending an auction it is essential that you stay calm and unemotional. Award-winning auctioneer Marcus Chiminello had some tips for anyone thinking of buying at auction:

  1. Arrive on time, but not too early. If you are waiting for a long time then you will feel the nerves, but arriving 5 minutes beforehand leaves plenty of time.
  2. Bid strongly and clearly. Make sure you respond quickly to competitors. This will make them think you are confident and may get them to back off.
  3. Set your upper limit at an odd value. A figure like $1,207,000 will give you slightly more leeway than $1,200,000 and this could make the difference between success or failure.
  4. Give the impression that you have an unlimited budget until you meet your budget. If competitors think you are running out they will be buoyed to carry on.
  5. Consider employing a professional to bid on your behalf. This will remove the emotions from the equation and make it purely business.