WHEN we read in the paper that a property has sold at auction, most of us probably assume it went off “under the hammer”.

But experts say most properties listed as “sold at auction” are passed in and sold later after negotiation. And with the clearance rate hovering at about 60 per cent, more properties than ever are being passed in.

We asked two buyers’ advocates for some simple tips to make sure you don’t pay more than you need to.

“Remember, it’s the agent’s job to get the best price they can for the vendor,” said Catherine Cashmore, of JPP Buyer Advocates.

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Auction day has arrived. You have spent the past six months trawling through the suburbs, inspecting properties, checking prices and quizzing estate agents.

Dozens of people wander through the property you want to buy with glossy brochures in their hands making hushed comments when the auctioneer calls for their attention.

Your heart is pumping. You repeat to yourself the figure that you have agreed with your partner will be the upper limit of your bidding.

But do you bid first or wait for someone else to show the lead? Do you bid hard or offer small amounts to slow the auction from racing ahead?

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FIVE years ago, Kelvin Bermingham was planning for retirement and realised he needed a wealth creation strategy.

Today he owns 15 properties in a portfolio valued at $3.7 million and is set to go on a world holiday with the profits.

Like many in his position, Mr Bermingham, 54, faced a dilemma. Is it best to invest in property that offers high capital growth or strong rental yield?

“You have to have a blend of both, especially with interest rates going up,” he said.

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