Buying at auction
Bidding at auction is probably the most straightforward way to purchase property.
That’s because it’s an open environment, where you know exactly what other people are bidding, and in the end, you know what you pay is true market value.
The process is quick and you are in control throughout. There’s far less stress than is often associated with the more protracted methods of sale.
Frequently asked questions?
How do I prepare for an auction?
Speak to Bayleys agents who know the area. Find out what similar properties have sold for and explore the neighbourhood. Your Bayleys agent can help you with this.
Will all the bids be genuine?
All Bayleys auctions are conducted with total transparency in compliance with the Real Estate Institute of New Zealand’s Code of Practice. (A copy of the code of practice is available from Bayleys or the REINZ).
What is the advantage of buying at auction?
You can see exactly what other parties are offering for the property, and you are competing only with other unconditional purchaser, a “level playing field”.
What is the property worth?
Form your own opinion of value before the auction, and decide what it is worth to you. Possibly allow a margin of 5% to 10%.
How does the auction work?
You need to bid to buy. Once a property has been declared “on the market” by the auctioneer, it will be sold to the highest bidder. If the property does not meet the vendors reserve price, the property will be “passed in”, and, with a Bayleys auction, the highest bidder will have the first right to negotiate following the auction, to the exclusion of all other bidders.
Auction Strategy
Please feel free to discuss your strategy with us, call us on 09 520 8888 or click here to email us.
