Auctions are competitive and stressful for most bidders. Here are six smart strategies that could improve your chances of winning. 1. Don’t show your hand Revealing your maximum bid limit to the agent before the auction could encourage them to push you a little further. For example, during the auction the agent might indicate you’re close to meeting the vendor’s expectations, to try to persuade you to bid above your limit. It’s in their interest because they’re usually earning a commission based on the sale price. 2. Ask if the reserve has been met Bids must reach the vendor’s reserve price before the property is officially ‘on the market’ and then sold to the highest bidder. If the property
Is a spare bedroom, second bathroom or ensuite a must? Will everyone be safe or comfortable climbing stairs? Does your dog need space to roam? Be realistic about the features you can’t live without. Floor plan and room sizes Walk around the property to get a sense of how one room flows into the next. Check whether the rooms are the right size and shape for your existing furniture and appliances. If not, are you prepared to splash out on replacements? The rooms should also be practical. For example, does the kitchen layout suit your needs? Is there enough space for a dining table? Orientation and natural light Check where the property’s windows are, and whether trees or nearby buildings w
Property, housing and construction continue to be centre-stage discussion among the public and politicians. Interest rates and changes to the tax system are always up for debate, but one element of Australian real estate that gets almost universal agreement is lack of affordability. With so much of the nation’s property trading in the big centres of Melbourne and Sydney, you’d be forgiven for thinking all Australian property is a single market priced beyond the means of every first timer, which plainly isn’t true. Given Herron Todd White’s unique and extraordinary coverage of Australia, we thought it time to discuss exactly what affordable property looks like in markets throughout the na
At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. Conditions in the global economy have continued to improve over recent months. Business and consumer confidence have both picked up. Above-trend growth is expected in a number of advanced economies, although uncertainties remain. In China, growth is being supported by higher spending on infrastructure and property construction. This composition of growth and the rapid increase in borrowing mean that the medium-term risks to Chinese growth remain. The improvement in the global economy has contributed to higher commodity prices, which are providing a significant boost to Australia's national income. He
