TOP AUCTION TIPS FOR BUYERS

BURLEIGH Heads man Mark Henry admits he wasn’t a fan of auctions.

It’s surprising considering he and wife Anne are putting their Burleigh Heads property under the hammer next weekend.

“To be frank, I wasn’t an auction fan,” said Mr Henry, who runs a consulting business.

“I know Melbourne is an auction city and Sydney was going that way and have noticed auctions were starting to become more prevalent in Queensland and particularly on the Gold Coast.

“It was a complete change of thought for me to actually go to auction.”

Mr Henry is part of a growing trend of Gold Coast homeowners choosing auctions over private-treaty.

CoreLogic data revealed ● Get pre-approved: Make sure you have your funds organised with a lender.

● Look for hidden nasties: Among the first things to check in any auction process are the building and pest reports. It’s best to have no nasty surprises after the final bid.

● Check the fine print: It’s always advisable to check the contract for your property of

372 properties were scheduled to go to auction across the Gold Coast last week – up 20 per cent over a two-year period.

That number is expected to swell to more than 400 in coming weeks as Gold Coast agencies hold their own auction events.

REIQ Gold Coast zone chairman Andrew Henderson said migration and reality TV had contributed to the jump. choice ahead of auction day. Ask your solicitor to do the ground work so you can sign with peace of mind.

● Paddle up: If you’re serious about bidding at auction, you have to register. Make sure you sign up either before or on auction day before raising the paddle. You will need ID.

● Stay calm: The auction process can be a bit of a

“The rise in interstate migration from Sydney and Melbourne has led to an increase in auction awareness and leading people to go to auction,” Mr Henderson said.

“Obviously reality TV such as The Block has also brought auctions to the forefront. With that comes a much bigger level of awareness.”

He said choosing to go to auction came down to individual circumstance. whirlwind affair, so it’s important to keep your cool as the bidding heats up. Make sure you stick to your game plan and your price limit.

● The deposit: A winning bid requires a 10 per cent deposit on the day, so it’s important to have the chequebook handy.

(Source: Phil Rogers, Loan Market managing director)

“With an auction you don’t have a price so you do attract a larger number of inspections and there’s no limit on the price you can achieve,” he said.

“At private treaty, buyers are generally negotiating down. Obviously at an auction they negotiate upwards.”

For Mr and Mrs Henry, the decision to take their house at 114 Acanthus Ave to auction at Ray White Surfers